WILLOWFIELO CHURCH Willowfield Parish Church Annual report and flnanclal statements For the year ended 31 December 2023 Charltles Number: NIC101980
Wlllowfleld Parish Church Annual report and flnanclal statements for the year ended 31 December 2023 Contents Pages Reference5 and administrative details Trustees, Annual Report Independent examiner's report to the Trustees Statement of financial activities Balance sheet io Statement of Cash Flows li Notes to the financial statements 12-29
Wlllowfleld Parlsh Church References and administrative detalls Charity Name.. Willowfield Parish Church Charity Registration Number: NIC101980 Contact Address: Willowfield Parish Church Office, 330-332 Woodstock Road, Belfast, BT6 9DP Trustees Rev Clive Atkinson IRectorl Andrea Lowrv Dawn Mayes Keith Mcmaw David Woods Jonathan Cousins Brian Mayes Andrew Wallace Arthur Blair Francis Khamanra John Moore Ben-juhah Simpson Jenny Hall Gavin Patterson lain Lyons Elizabeth Down Timothy Cairns Pamela Wilson Jonathan Rainey Prlncipal Office-bearers Clergy.. Rev Clive Atkinson, Rev Elaine Pentland Church Secretary: Kyle Flanigan (Appointed 26, April 2023. resigned 17 April 20241 Jenny Hall IAppointed 17, April 20241 Rector's Church Warden.. Arthur Blair People's Church Wardens.. Elizabeth Down, Alice Myles, Francis Khamanra Rector's Glebe Warden.. lain Lyons People's Glebe Warden: David Woods Church Treasurer: Jonathan Rainey (Appointed 17 April 20241 th Independent Examiner Bankers Michael Mccarter FCA, GMCG Chartered Accountants, 17 Mandeville Street, Portadown, County Armagh BT62 3PB Danske Bank, Donegall Square West, Belfast, BTI 6JS
Willowfield Parlsh Church Trustees, Annual Report for the year ended 31 December 2023 The trustees present the annual report and accounts for Willowfield Parish Church for the year ended 31 December 2023. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" {FRS 1021 in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policles set out in notes to the financial statements and applicable accounting standards, 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the charity's governlng document, the Charities Act (Northern Ireland) 2008, Charities Act (Northern Ireland} 2013, The Charities IAccounts and Reports) Regulations (Northern Ireland) 2015 and UK Generallv Accepted Accounting Practice. Reference and admlnistrative details Charity Name: Willowfield Parish Church Charity Registration Number.. NIC101980 Contact Address: Willowfield Parish Church Office, 330-332 Woodstock Road, Belfast, BT6 9DP Independent Examiner: Michael Mccarter FCA, GMCG Chartered Accountants, 17 Mandeville Street, Portadown. County Armagh, BT62 3PB Bankers: Danske Bank, Donegall Square West, Belfast, BTI 6JS Trustees of the Charlty The members of the select vestry and all Principal Office Bearers can act as trustees for the purposes of charity13w. The trustees who have served during the year and since the year end are as follows.. Rev Clive Atkinson (Rector) Andrea Lowrv Dawn Mayes Keith Mcmaw Gavin Patterson lain Lyons Elizabeth Down Alex Mateer Iresigned 17, April 20241 Timothy Cairn5 Kyle Flanigan (resigned 17, April 20241 David Woods Aliyah Quinn Iresigned 31, August 20231 Jonathan Cousins Brian Mayes Jonathan Rainey IAppointed 17, April 20241 Andrew Wallace (Appointed 26th April 20231 Arthur Blair (Appointed 26th April 20231 Francis Khamanra (Appointed 26th April 20231 th John Moore IAppointed 17 April 20241 th Ben-juhah Simpson IAppointed 17 April 2024) Jenny Hall IAppointed 17" April 20241
Wlllowfield Parish Church Trustees, Annual Report for the year ended 31 December 2023 (continued) Oblectlves and Activitles The charitable purpose of the Church of Ireland is the advancement of religion. The principal function of Willowfield Parish is to support the advancement of the Christian religion by promoting, through the work of Willowfield Parish the whole Mission of the Church, pastoral, evangelistic, social and ecumenical. Being open to and engaging with society as a whole and offering support for those needing help are fundamental to the practical delivery of the benefits of Chrlstlanity. As a result of activity in the pursuit of the advancement of the Christian religion, Willowfield Parish has custody of property and of records, materials and artefacts of significance to the cultural and religious heritage and maintenance of which is undertaken by the select vestry of Willowfield Parish. Compllance wlth Public Beneflt The Parish has given careful consideratlon to the Charity Commlssion for Northern Ireland's guidance on public benefit to ensure that the activities entered into during the year have helped to achieve the Parish's objectives and activities, as well as providing public benefit. Achievements, Performance and Public Beneflt 2023 was a year in which we sought to continue to build generating momentum throughout our weekly programmes, enabling us to seNe the local community as well as our congregation. We offered the occasional pastoral services such as baptisms, thanksgivings, weddings and funerals, celebrating the major festivals of Easter and Christmas as well. Outreach We were able to offer a full programme ofyouth and children programmes. We were able to open the doors ofthe Church Hall to the wider community through events such as Open House, an opportunity for anyone and everyone to drop in, have something to eat and chat to staff and other users. We were able to support local families through our Famlly Support Team and through programmes deliberated design to meet the needs of both children and teenagers. The Alpha Course was offered during both the Autumn and Winter months in the Church and Door to Door work along local streets returned. Servlce Our staff and team of volunteers have shown again they are committed to living and serving our local community and meeting local needs. Our Food Bank has provided food and vouchers for heating and lighting to many within the local community. Prayer ministry for people with physical, mental, emotional and spiritual needs was gradually introduced on Sundays. Pastoral visiting became possible again with the opportunity to visit Care Homes, Hospltals as well as people in their homes.
Wlllowf ield Parish Church Trustees, Annual Report for the year ended 31 December 2023 (continued) Dlscipleship At the heart of Willowfield lies the call to help people live out their faith in the cut and thrust of everyday lives. Sunday services, midweek Life Groups and one to one catch ups are a significant part of this calling. Flnanclal Revlew During the year ended 31 December 2023, total expenditure of £496.536 exceeded total income of £484,932 by £11,604. The net expenditure before transfers and gains / losses on investments is £11,938 lower than in the year ended 31 December 2022. There was a decrease of £5,284 in income from donations and other trading activities and a decrease of £17,222 in charitable expenditure. Reserves pollcy The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity are needed to meet the working capital requirements of the charity and to enable the charity to effectively manage any unforeseen risk or financial difficulties. At 31 December 2023, the balance of unrestricted funds is £36,37212022: £54,061), the balance of restricted funds is £1,543,72412022.' £1,537,639) and the balance of endowment funds is £117,769 12022: £117,301). The trustees are satisf led that the level of reserves is sufficient to continue the current activities of the charity in the event of a significant shortfall in income leve15. The trustees will continue to review the reserves policy to ensure that the policy reflects the needs of the charity in a changing environment. Plans for future periods We will continue to serve the local community around us. particularly through the use of the re-developed church halls. The church halls give us the resources and opportunity to reach those who are most in need within East Belfast. We will continue our wide range of outreach programmes, including Alpha, pub ministry, door to door work, healing on the streets, men's and women's ministries. We will continue to prioritise our children's and youth work, providing age-appropriate programmes that foster spiritual growth and community engagement. Moreover, alongside our community focus we will continue to reach out to those in need across the world. We plan to continue helping both financially, but also by sending people to countries like Cambodia and Mexico. Also, to give our church community the opportunity to grow together, we will continue our programme of Parish Weekends every two years, with the next taking place in 2024. Going Concern The trustees have reviewed the budgets for the year ahead and are satisfied that there are adequate funds in place to ensure that the Parish can continue its activities and the financial statements for the year end 31 December 2023 can be signed off as a going concern. Structure, Governance and Management Governing Document and Constltutlon of the Charity Chapter 111 of the Constitution of the Church of Ireland governs Parishes and Parochial Organisation. The Select Vestry members and Principal Office Bearers can act as the Charity Trustees. Recruitment und Appolntment of Select Vestry ASI 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.
Wlllowfleld Parish Church Trustees, Annual Report for the year ended 31 December 2023 {contlnued) Structure, Governance and Management (continued) Recruitment und Appointment of Select Vestry (contlnued) 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 nnually and there is no Ilmit on the number of terms which may be served. Pay and remuneratlon Acting in his role as Rector of Willowfield Parish Church, the Rev Clive Atkinson received a stipend and office and locomotory allowance in accordance with figures approved by the General Synod of the Church of Ireland. Acting in the role as Curate of Willowfield Parish Church, Mrs E M Pentland receives a stipend and office and locomotory allowance in accordance with figures approved by the General Synod of the Church of Ireland. Both these have been detailed in note 10 in the Notes to the financial statements. No other charity trustees receive any remuneration from Willowfield Parish Church. Organisational Structure The select vestry 15 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 I'the curate"), the churchwardens, the glebe wardens and generally not 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 maklng 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 rnay be convened at any time by the chairperson or the churchwardens. Related party Willowf ield Parish Community Association, a charitable company reglstered in Northern Ireland (charity number.. NIC 103336 and company registration number N10628081 is a related party of the charity a5 Reverend Clive Atkinson acts as trustee for both charities. Statement of Trustees, Responsibillties The trustee5 are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in the Northern Ireland requires the trustees to prepare flnancial statements for each financial year which glve a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them conslstently; observe the methods and principles in the Charities SORP 2019 IFRS 1021,. make judgments and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Parish will continue as a going concern.
Wlllowheld Parlsh Churth TTU$tee5' Annuol R¢port for the year ended 31 December 2023 Irontlnuedl statement of Trustees, Responslbllltl•s l¢ontlnuedl The trustees are responsible for keepln8 woper a¢¢ountlng re£ords that d15c105* Wlth Teasonable accuracy at any lime the financial posliion of the Parish and enable them to ensuie that the financial statements comply with the Charitlei Act INorth&¥n Irel8ndl 2008, the CharltylA¢¢ounts and Reports) Aegulailons INortheitt Ifel8ndl 201S and the piovisions ol ihe Constitution ol the Church of Ireland. They are also responsiblt for safeguarding the assets of the Parish and hence for taking rtasooable stèps for the prevention and detection of froud and other IifeEulafities. The trustees 8re Tesponslble Itir the mèlntenance and Integiity of the thaTity and financial Informatlon included on the charivs webslte. Le8islation In the United Klngdom governing the prepaiation and dissemlnation of finan¢ièl statements ma¥ dlffer from leglslatStsn In otherlurisdlrtion Statement as to d15c105ufe to our Independent Examlner In $0 far as the trustèès are aware at the tlmlng of approvlng ouriiust#es' annual report., there is no relevant InformatSon for the independent examiner of whlch the ch#riVs Independent examinei Is unaware. aftd the tr¢Jstees have taken all steps that they ov8ht to have tsken to make themselves aware of any relevant Infoimatlon and to establlsh that the charivs independent examlner is aware of Ihat information. Signed on behalf of the Trustees: Revd Clive AtkSn50n Trustee jonathan Rainey Tfustee Date.. 31 /1./1,
CIIARTERED AecouNfANT8 Willowfield Parish Church Independent Examlner's Report to the Trustees of Wlllowfleld Parlsh Church For the year ended 31 December 2023 I report on the accounts of the charity for the year ended 31 December 2023 as set out on pages 9 to 29. Respective Responsibilities of Trustees and Independent Examlner The charity's trustees are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008; follow the procedures laid down in the general Direction5 given by the Charity Commission for Northern Ireland under section 6519llbl of the Charities Act; and state whether particular matters have come to my attention. Basls of Independent Examiner's statement I have examined your charity accounts as required under section 65 of the Charities Act any my examination was carried out in accordance with the general Directions given by the charity Commission for Northern Ireland under section 6519llb} of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the account5, 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 rne cause to believe.. That accounting records were not kept in accordance with section 386 of the Companies Act 2006. That the accounts do not accord with those accounting records. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. That there is further information needed for a proper understanding of the accounts to reached.
Willowfleld Parish Church Independent Examlner's Report to the Trustees of Willowfield Parlsh Church Icontinuedl For the year ended 31 December 2023 Independent Examlner's statement I can confirm that l am qualif led to undertake the examination because l am a registered member of the institute of Chartered Accountants Ireland which is one of the listed bodies. I have completed my examination and have no concerns in respect of matters111 to141 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. cqUICx C M Mccarter FCA Ilndependent Examiner) Chartered Accountants Ireland For and on behalf of GMCG Portadown Chartered Accountants & Statutory Auditor 17 Mandeville Street Portadown County Armagh BT62 3PB l Ocknknj
Wlllowfield Parish Church statement of Financlal Activities Year ended 31 December 2023 Unre5trlcted Funds 2023 Restricted Funds 2023 Endowment Funds 2023 Total 2023 Total 2022 Note Income and endowments from: Donations & legacies Other trading activitles Investments 407,334 38,282 521 37,286 1,503 444,620 39,785 527 439,915 50,273 28 Total Income and endowment5 446,137 38,795 484,932 490,216 Expenditure on: Raising funds Charitable activities Total Expendlture 1507) 1453,3071 1453,814) 15071 1496,0291 (496,5361 17091 1513,0491 1513,7581 142,7221 142,7221 Net expenditure for the year before gains/llosses) on Investments 17,6771 13,9271 111,6041 123,5421 Net gainslllosses) on Investments Net expenditure (7,6771 13,9271 111,6041 123,5421 Transfers between funds {10,0121 10,012 Other recognlsed gainslllossesl: Gains/lLossesl on revaluation of investments 468 468 16.3931 Net movement In funds 117,689) 6,085 468 111,136) 129,9351 Reconclllatlon of funds: Total funds brought forward 54,061 1,537,639 117,301 1,709,001 1,738,936 Total funds carried forward 36,372 1,543,724 117,769 1,697,865 1,709,001 All income and expenditure derive5 from continuing activities.
Wlllowneld Pgrlsh Chiirtli Bblance Sheet Yearended 31 December 1023 Note 2023 2022 Flxed Assets TanEible a55els HeTlt8ge assets Investments 12 13 14 1,465,950 1,465,950 117,769 1,583,719 117.301 1,583,25J Current Asset5 Debtors Cash at bank and In hand 15 123.617 270,407 394,024 134,89S 24,854 159,749 Credllors; •Mounts f8lllng due wlthln oneyear Net CurrentAs$et$ 16 129,8781 364,146 133,9991 125,750 Credltois: amounts falllng due after more th4n oneyear 17 1250,(4)01 NotAssets J.697,865 1,709,IJOI ChaTIty funds Endowment funds Permanent endowment Rest¥icted funds Unrestllcted fuftds 18 18 18 117,769 1,543,724 36.372 117,301 1,537,639 54,061 Total charity lund5 1,697,865 1,709,(J)I The nanclal statements wÈro approved and authorlsed for issue by the 8oard on....,...........,............... Revd Cllve Atkinson Tiustee jonathan Ralney Trustee Ihe notes on pages l?. lo J.9 foiiii pait of iliese Ilnai)clal stalemenls 10
Willowfield Parish Church Statement of Cash Flows Year ended 31 December 2023 Total 2023 Total 2022 Note Cash flows from operating activltles: Net cashflowfrom operating actlvltles 20 14,9741 137,1561 Cash flows from investln8 actlvlties: Dividends, interest and rents from investments Draw down on Investments Proceeds from sale of investments 527 28 6,994 1201 Net cash flowfrom investlng actlvltles 527 7,002 Cash flows from financlng activities: Proceeds from new loan 250,000 Net cash flowfrom Ainanclng actlvitles 250,000 Net decrease in cash and cash equivalents 245,553 130,154} Cash and cash equlvalents at l January 2023 24,854 55,008 Cash and cash equivalents at 31 December 2023 270,407 24,854 Cash and cash equlvalents consists of: Cash at bank and in hand 270,407 24,854 Cash and cash equlvalents at 31 December 2023 270,407 24,854
Wlllowfield Parlsh Church Notes to the flnancial statements Year ended 31 December 2023 l. Summary of slgnificant actountlng pollcles The principal accountirig policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. a) General Informatlon and basls of preparation Willowfield Parish Church is a charity and is part of the registered charity, BelfastlBelfast: Willowfield/Willowfield Parish Church/Down & Dromore/Church of Ireland which reElStered with The Charitycommission for Northern Ireland on 9 March 2015.The address of the registered office is given in the charity information on page l of these financial statements. The nature of the charity's operations and principal activities are the advancement of religion. Belfast/Belfast: Willowfield/Willowfield Parish Church/Down & Dromore/Church of Ireland, a charitable trust is constituted th under a trust deed dated 9 March 2015. Belfast/Belfast: Willowfieldlwillowfield Parish Church/Down & Drornorelchurch of Ireland constitutes a public benefit entity as defined by FRS 102. Statement of Com liance The financial statements have been prepared in accordance with applicable accounting standards, Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparlng their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act (Northern Ireland) 2008, Charities Act (Northern Ireland) 2013, The Charities (Accounts and Reports) Regulations INorthern Ireland) 2015 and UK Generally Accepted Accounting Practice. The financial statements have been prepared on the going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charlty and rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. bl Preparation of accounts on a going concern basls The Parish generally meets its day to day working capital requirements from its annual income. The financial statements have been prepared on a going concern basis asthe trustees believethat no material uncertainties exist. Thetrustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of resources for the charity to be able to continue as a going concern. cl Funds Funds are classified as either restricted funds or unrestricted funds, defined as follows. Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the charity which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Thi5 designation has an administrative purpose only and does not legally restrict the trustees, discretion to apply the fund. 12
Willowfleld Parlsh Church Notes to the financlal statements (continued} Year ended 31 December 2023 l. Summary of signiflcant accounting policies IcontSnued) cl Funds {contlnuedJ Restricted funds arefunds subject to specific requirements as to their usewhich may be declared by the donor or with their authority or created through legal processes, but still within the wider objects of the Parish. The cost of raising and administering such funds are charged against the specific fund. Endowment funds arefunds which have been given on the condition thatthe original capital sum is not reduced, principally bonds held with Barclays, stocks, shares and RCB Unit Trusts. Income arising on the endowment funds can be used in accordancewith theobjectsof thecharity and is included as unrestricted income. dl Income Plate Collections, Weekly Envelopes, Graveyard income and Columbarium income are accounted for on a cash receipts basis as the amount is collected. Income arising from the rental of Parish Centre facilities to third parties is recognised when the parish has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably. Incomefrom Eovernment and othergrants, whether'capital, grants or'revenue, grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, itis probable that the incomewill be received and the amount can be measured reliablyand is notdeferred. Legacies are included within income under either unrestricted or restricted funds according to the terms under which the donation is made. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. Al this point income is recognised. On occasion legacies will be notified to the charity however, it is not possibleto measuretheamountexpected to bedistributed. On theseoccasions,the legacy is treated as a contingent asset and disclosed. Donations and gifts in kind are brought into the accounts at their falr value to the Parish. Income from tradin8 activities includes income earned from fundraising event5 and trading activitie5 to raise funds for the charity. Income is received in exchange for supplying good5 and services in order to raise funds and is recognised when entitlement has occurred. Investment income is earned through holding assets for investment purposes such as shares, unit trusts and property. It includes dividends, interest and rent. Where it Is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. Interest and dividendstogether with any reclaimable tax credits are included in the accounts as received. Rent is included in the accounts when it is receivable. el Expendlture All expenditureisaccounted foron an accruals basisand has been classified under headingsthat aggregateall costs related to the category. Expendlture is recognised once there is a legal or constructive obligation to makea payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. 13
Wlllowfleld Parlsh Church Notes to the financial statements Icontinuedl Year ended 31 December 2023 l. Summary of significant accounting pollcles (continued) 61 Expendlture (continued) All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is 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. It is categorised under the following headings: Cost of r3i5ing funds includes office running expenses,. Expenditure on charitable activities includes wages and salaries, Diocesan a55essments, church running costs, Glebe costs and charitable donations; and Other expenditure represents those items not falling in to the categories above. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Support costs allocation Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity, Where support costs cannot be directly attributed to particular headings they have been allocated lo cost of raising funds and expenditure on charitable activities on a basis consistent with use of resources. The analysis of these costs 15 included in note 5, g) Tangible flxed assets Tangible fixed assets are stated at cost lor deemed costl. Costs include costs directly attributable to making the asset capable of operating as intended. Tangible fixed assets of the Parish comprise:. Church Halls Glebe House Curatage No depreciation has been provided on the Church Halls as the current estimated residual value is not less than its carrying value and the remaining useful life currently exceeds 50 years. Glebe House and the, Curatage are recognised at cost / deemed cost, being the estimated fair value of the property at the most recent valuation date conducted by Land and Property Services. No depreciation has been provided on Glebe House and the Curatage as the current estimated residual va5ue is not less than its carrying value and the remaining useful life currently exceeds 50 years. Tangible assets are derecogni5ed 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 Ilossesl/gain5'. The costs of minor additions, where the useful life is considered to be less than 2 years, are not capilalised. 14
Willowfield Parlsh Church Notes to the financial statements Icontlnuedl Year ended 31 December 2023 q. Summary of signlflcant accounting policies (contlnuedj h) Heritage assets The Church Building is deemed to be Heritage asset5 as defined by the Charities SORP 2019 IFRS1021. These Heritage assets are not included on the balance sheet 35 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. Any repairs to Heritage assets are expensed in the SOFA. i) Investments Fixed asset investments comprising investment properties, investments in equities and investment in RC8/CIT Unit Trusts are initially recorded at cost and are then subsequently stated at fair value at each balance sheet date. Investments 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 gains and losse5 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 gain5 and losses in investments are reporled within 'Net Gains I ILossesl on Investments" within the Statement of Financial Activities. j) Cash and cash equivalents Cash and cash equivalents includes cash in hand, dep051ts held at call with banks, other shorl-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within Creditors.. Amounts falling due within l year. k) Financlal Instruments The Parish only has financial assets and financial liabilities of a kind that qualify as basic financial instru ments. Basic financial instruments are initially recognised at transaction price and subsequently measured at their settlement value, 11 Tax A5 a charity, it benefit5 from various exemptions afforded by tax legislation. It is therefore not liable to corporation tax on income or gains falling due within those exemptions, Recovery is made of tax deducted from receipts under gift aid. The charity is not registered for VAT purposes; therefore expenditure is shown gross of VAT. m} Crltlcal accounting judgements and estimation uncertainty Estimates and judgments made in the process of preparing the financi81 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 estimates 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. 15
Wlllowfleld Parlsh Church Notes to the financlal statements Icontinuedl Year ended 31 December 2023 2. Donatlons and legacles Unrestrlcted Funds 2023 Restricted Funds 2023 Endowment Funds 2023 Total 2023 Total 2022 Plate Collections Weekly envelopes / FWO Tax recovered on Donations Special Appeals Grants Legacy Other 18,098 302,014 57,655 3,438 16,733 3,054 2,811 21,536 318,747 60,709 2,811 2,035 20,000 18,782 444,620 16,145 320,726 64,532 9,101 1,978 2,035 20,000 7,532 407,334 11,250 37,286 27,433 439,915 Income from donations and legacies was £444,62012022.' £439,915} of which £Nil12022: £Nill was attributable to endowments, £37,28612022'. £75,842) was attributable to restricted and £407,33412022'. £364,0731 was attributable to unrestricted. 3. Other trading activltles Unrestrlcted Funds 2023 Restricted Funds 2023 Endowment Funds 2023 Total 2023 Total 2022 Contributions to church funds 38,282 1,503 39,785 50,273 Income from other trading activities was £39,785 12022.. £50,273) of which £Nil 12022.. £Nill was attributable to endowments, £1,50312022: £4,831) was attributable to restricted and £38,28212022.' £45,442) was attributable to unrestricted. 16
Willowfleld Parlsh Church Notes to the flnancial statements Icontinuedl Year ended 31 December 2023 4. Investments Unrestricted Funds 2023 Restricted Funds 2023 Endowment Funds 2023 Total 2023 Total 2022 Investment income 521 521 527 527 28 28 Income from investments was £52712022: £281 of which £Nil12022- £201 was attributable to endowments, £612022.. £81 was attributable to restricted and £52112022.. £Nill was attributable to unrestricted. Allocatlon of support costs Raising funds Charitable actlvlty Total 2023 Other Governance Office costs 2,192 2,192 507 507 507 2,192 2,699 Ralsing funds Charitable activity Total 2022 Other Governance Office costs 2,100 2.100 709 2,809 709 709 2,100 Governance costs Total 2023 Total 2022 Independent examiner fees 2,192 2,100 17
Willowfield Parlsh Church Notes to the flnanclal statements Icontlnued) Year ended 31 December 2023 7. Analysis of Expenditure Unrestricted Funds 2023 Restrlcted Funds 2023 Endowment Funds 2023 Total 2023 Raising Funds Other 507 507 507 507 Charitable Actlvltles Wages and Salaries Donations Diocesan Assessment Church Running Costs Glebe Costs Rectory Costs Charitable Donations Ministry Youth Men's Ministry Women's Ministry Outreach Young Adults Alpha U/Turn 297,051 25,204 29,290 18,488 58,836 464 5,634 6,955 8,205 298 53 2,171 297,051 25,204 29,290 18,488 59,620 3,514 40,248 10,705 8,729 298 53 2,171 784 3,050 34,614 3,750 524 658 658 453,307 42,722 496,029 Total Expendlture 453,814 42,722 496,536 18
Wlllowfield Parish Church Note5 to the financial statements (continued) Year ended 31 December 2022 7. Analysis of Expendlture Icontlnued) Unrestricted Funds 2022 Restricted Funds 2022 Endowment Funds 2022 Total 2022 Raising Funds Other 709 709 709 709 Charitable Activities Wages and Salaries Donations Diocesan Assessment Church Running Costs Glebe Costs Rectory Costs Charitable Donations Ministry Youth Men's Ministry Women's Ministry Outreach Young Adults Alpha unurn 276,096 43,904 27,148 17,741 40,911 276,096 43,904 27,148 17,741 66,526 iio 49,499 20,968 7,032 25,615 iio 49,499 12,683 8,285 7,032 452 2,022 165 717 452 2,022 165 717 669 513,049 669 88,576 424.473 Total Expenditure 425,182 88.576 513,758 8. Fund transfers Funds are transferred from unrestricted funds to restricted funds to cover shortfalls in restricted funding. When there is a small balance left on a restricted fund and it is not feasible to pay over the remaining balance on the project as it has now ceased, the remaining fund balance is transferred to unrestricted funds. 9. Taxation The charity is exempt from income tax and capital gains tax to the extent that it's income and gains are applied for charitable purposes. No tax charge has arisen in the year. 19
Willowfield Parlsh Church Notes to the flnanclal statements {contlnuedl Year ended 31 December 2023 10,Trustees' and key management personnel remuneratlon and expenses The trustees received remuneration in the year totalling £93,13412022: £74,452) and an analysis of the remuneration is shown in the tables below. The total amount of employee benefits received by key management personnel is ENil12022'. £Nill. The trust considers its key management personnel comprise the trustees. 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. The parish paid expenses of £85612022: £481 relating the running costs of the Glebe House which is occupied by the rector and £Nil12022'. £2,622) relating to the Curatage. For the year 2023, the values approved by General Synod and implemented by the Select Vestry of Willowfield Parish ChLtrch were- Total 2023 Rector Vicar Curate Stipend Locomotory expenses Expenses of office allowance Heating allowance Pension contribution 36,475 6,590 800 500 10,848 23,325 6,290 170 59,800 12,880 970 500 18,984 8,136 For the year 2022 the values approved by General Synod and implemented by the Select Vestry of Willowfield Parish Church were: Total 2022 Rector Vicar Curate Stipend Locornotory expenses Expenses of office allowance Heating allowance Pension contribution 36,475 6,590 800 500 9,952 12,258 3,669 170 48,733 10,259 970 500 13,990 4,038 20
Willowfield Parlsh Church Notes to the flnanclal statements {continuedl Year ended 31 December 2023 10. Trustees, and key mana8ement personnel remuneration and expenses {contlnuedl Some Trustees received reimbursement for expenses incurred on behalf of the Parish: Total Amount 2023 Total Amount 2022 Trustee Expense Description Ministry Expenses Leaving gift Ministry Expenses Training Scarlett Bequeath Expenses Life Group Groceries Rev K. Salmon Rev K. Salmon Rev C. Atkinson Rev C. Atkinson Rev C. Atkinson Rev E Pentland Rev E Pentland loo 2,500 606 72 40 94 74 88 30 286 3,318 11. Staff costs and employee beneflts The average monthly number of employees and full time equivalent IFfEI during the year was as follows.. 2023 Number 2022 Number Ministerial support Administration Music and lighting staff Premises maintenance 12 li The total staff costs and employee benefits were as follows: 2023 2022 Wages and salaries Social security Defined contribution pension cost5 254,379 21,289 21,383 297,051 240,424 18,853 16.819 276,096 No employees received total employee benefits lexcluding employer pension costs) of more than E60,00012022: none). 21
Willowfield Parish Church Notes to the flnanclal statements {continued) Year ended 31 December 2023 12. Tangible fixed assets Bulldlngs Church Hall Total Cost At l January 2023 and at 31 December 2023 287,500 1,178,450 1,465,950 Depreciation At l January 2023 and at 31 December 2023 Net book value: At 31 December 2023 At 31 December 2022 287,500 287,500 1,178,450 1,178,450 1,465,950 1,465,950 The net book value of land and buildings comprised: 2023 2022 Land and buildings: Freehold Long leasehold Short leasehold 1,465,950 1,465,950 1,465,950 1,465,950 Tangiblefixed assets held at valuation.. The historic cost equivalent of land and buildings included at valuation are as follows,. 2023 2022 Land and buildings.. Cost Accumulated depreciation Net book value 287,500 287.500 287,500 287,500 22
Wlllowfleld Parish Church Notes to the financlal statements Icontlnuedl Year ended 31 December 2023 13. Heritage assets The Church Building is deemed to be a heritage asset as defined by the Charities SORP 2019 IFRS1021. These Heritage assets are not included on the balance sheet as information on the cost or valuation is not avallable and such information cannot be obtained at a cost commensurate with the benefit to the users of the accounts and to the parish. 14. Flxed asset investments Listed investments Other investments Total C05t or valuation At l January 2023 Additions Drawdown Revaluation At 31 December 2023 844 116,457 117,301 468 116,925 468 844 117,769 Impairment At l January 2023 and at 31 December 2023 Carrylng amount At 31 December 2023 At 31 December 2022 844 844 116,925 116,457 117,769 117,301 Investments at fair value comprise: 2023 2022 Unit trusts Listed investments 116,925 844 116,457 844 117,769 117,301 The fair value of investments is determined by reference to the valuations provided by Barclays, RCB Unit Trusts, M&G investments and market values at 31" December 2023. 23
Willowfield Parlsh Church Notes to the flnanclal statements Icontinuedl Year ended 31 December 2023 15. Debtors 2023 2022 HMRC (Gift Aldl Prepayments Other debtors 122,367 129,880 1,706 3,309 134,895 1,250 123,617 16. Creditors: amounts falllng due within one year 2023 2022 Accruals 29,878 33,999 17. Credltors: amounts falling due after more than one year 2023 2022 Loan 250,000 The loan is an unsecured, non-interest bearing loan. 24
Wlllowfield Parlsh Church Notes to the flnanclal statements (continued) Year ended 31 December 2023 18. Fund reconciliatlon At31 December 2023 At l January 2023 Gains / (Losses) Income Expenditure Transfers Restricted Funds Building Fund Specific donations fund U/TURN CAP Food Store Prospects Fund Harvest Covid Fund Mission Allocation Float - church hall Project Rwanda Ukraine Appeal Scarlett Church Hall 1,193,628 19,115 7,520 9,760 2,691 344 3,115 6,327 17,714 1,738 13,8341 130.1091 1,207,508 9,256 7,520 13,965 1,134 344 3,115 6,327 4,205 2,616 14,1731 loo 18561 756 1,266 1,266 4,071 10,974 287,500 4,071 3,468 287,500 11,256 13,7501 1,537,639 38,795 142,7221 10,012 1,543,724 Unrestricted Funds General fund 54,061 446,137 1453,8141 110,0121 36,372 54,061 446,137 1453,8141 110,0121 36,372 Endowment funds stocks 844 844 Bonds 116,457 468 116,925 117,301 468 117,769 1,709,001 484,932 {496,536) 468 1,697,865 25
Wlllowfield Parlsh Church Notes to the flnanclal statements {continued) Year ended 31 December 2023 18. Fund reconclllatlon (continued) At31 December 2022 At l January 2022 Gains/ (Losses) Income Expenditure Transfers Restricted Funds Building Fund Specific donations fund U/TURN CAP Food Store Prospects Fund Harvest Covid Fund Mission Allocation Float - church hall Project Rwanda Ukraine Appeal Scarlett Church Hall 1,197,103 18,807 8,189 9,760 1,096 344 3,115 6,327 3,296 loo 22,250 8,310 125,7251 18,0021 16691 13,3871 {4,2001 1,193,628 19,115 7,520 9,760 2,691 344 3,115 6,327 3,387 5,795 1,361 {1,3611 29,253 132,5491 loo 4,071 6,254 4,071 3,468 287,500 9.897 287,500 {12,683) 1,545,534 80,681 188,576} 1,537,639 Unrestricted Funds General fund 62,734 409,515 1425,1821 6,994 54,061 62,734 409,515 1425,1821 6,994 54,061 Endowment funds Stocks Bonds 844 129,824 844 116,457 20 16,9941 16,3931 130,668 20 16,9941 16,3931 117,301 1,738,936 490,216 1513,7581 16,3931 1,709,001 26
Wlllowfleld Parlsh Church Notes to the flnancial statements Icontlnuedl Year ended 31 Dècember 2023 18. Fund reconclliation Icontinuedl Fund descriptions al Unrestricted funds The income in the General Fund comprises mainly of donations from collections and gift aid. Expenses within the General Fund relateto the raising of funds and charitable activities of the charity. b} Designated funds No funds were designated at the period end. c} Restricted funds The income in the restricted funds relates to donations to the building fund and other specific donations during the year. dl Endowmentfunds Endowment funds are Made up of l year Bonds, Stocks and Shares and Unit Trusts. 19. Analysis of net assets between funds Unrestricted funds Deslgnated funds Restricted funds Endowment funds 31 December 2023 Total Fixed assets- tangible Fixed assets - investments Cash Other current assets Current liabilities Creditors.. amounts falling due after more than one year 1,465,950 1,465,950 117,769 270,407 123,617 (29,8781 117,769 199,975 116,275 129,8781 70,432 7,342 250,000 36,372 250,000 1,697,865 1,543,724 117,769 Unrestricted funds Designated funds Restricted funds Endowment funds 31 December 2022 Total Fixed assets- tangible Fixed assets - Investments Cash Other current assets Current liabilities 1,465,950 1,465,950 117,301 24,854 134,895 33,9991 1,709,001 117,301 112,5911 89,564 122,912 54,061 37,445 45,331 11,0871 1,537,639 117.301 27
Willowfield Parlsh Church Notes to the financial statements {continuedl Year ended 31 December 2023 20. Reconciliation of net expenditure to cash flow from operating actlvltles 2023 2022 Net expenditure for the year Dividends, interest and rent from investments Decrease in debtors IDecreasel in creditors Net cash flow from operating activities {11,604) 1527) 11,278 14,121) 14,974) 123,5441 1281 740 114,3241 137,1561 21. Analysis of changes In net debt 2022 Cash Flows 2023 Long-term Borrowings 250,000 250,000 Total Liabilities 250,000 250,000 Cash and cash equivalents 124,8541 1245.5531 {270,4071 Total Net Debt 124,8541 4,447 120,4071 22. Penslons and other post-retirement beneflts Deflned contribution pension plan The charity operates a defined contribution pension plan for it5 employees. The amount recognised as an expense in the period was £21.38312022- £16,819). The contributions for the Rector & Curate came to £18.98412022 - £13,990} and for other employees £2,39912022 £2,829) The defined contribution liability is allocated to charitable actlvities. 23. Flnancial commitments Contractual commitments are for the acquisition of tangible fixed assets contracted for but not provided in the financial statements amounted to £Nil12022: £Nil}. 28
Willowfield Parish Church Notes to the flnanclal statements {contlnuedl Year ended 31 December 2023 24. Related partytransactions Reverend Cllve Atkinson acted as a trustee of Willowfield Parish Communlty Association. Also, see note 10 'Trustees' and key management personnel remuneration and expenses." During the year donations totalling £41,81112022 £48,683) were pald to Willowfield Parish Community Association. During the year donations totalling £5,00012022 £3,154) were received Irom Willowfield Parish Community Association. Donations from Trustees and their spouses during the year totalled £37,97112022'. £25,112). 25. Ethical standards Incommon with many other organisations of our size and nature we use our accountants to assist with the preparation of the flnancial statements. 29