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2024-12-31-accounts

Charity registration number 101980 (Northern Ireland)

WILLOWFIELD PARISH CHURCH

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

WILLOWFIELD PARISH CHURCH

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Rev C Atkinson Ms A Lowry Ms D Mayes Mr K McMaw Mr G Patterson Mr I Lyons Ms E Down Ms P Wilson Mr J Rainey Mr D Woods Mr J Cousins Mr B Mayes Mr A Blair Mr J Moore Mr B Simpson Ms J Hall Ms S McDonald Mr S Ritchie Mr D Wylie Ms E Frazer

(Appointed 17 April 2024)

(Appointed 17 April 2024) (Appointed 17 April 2024) (Appointed 17 April 2024) (Appointed 30 April 2025) (Appointed 30 April 2025) (Appointed 30 April 2025) (Appointed 30 April 2025)

Principal Office-bearers

Clergy Rev Clive Atkinson Church secretary Jenny Hall Rector's Church Warden Arthur Blair People's Church Wardens Elizabeth Down Ben-Judah Simpson John Moore Rector's Glebe Warden Iain Lyons People's Glebe Warden David Woods Church Treasurer Jonathan Rainey Charity number (Northern Ireland) 101980 Principal address Willowfield Parish Church Office 290-296 Woodstock Road Belfast BT6 9DN Auditor GMcG PORTADOWN 17 Mandeville Street Portadown Craigavon Co Armagh BT62 3PB

Bankers

Danske Bank P.O. Box 183 Donegall Sq West Belfast BT1 6JS

WILLOWFIELD PARISH CHURCH

CONTENTS

Page
Trustees' report 1 - 4
Independent auditor's report 5 - 10
Statement of financial activities 11 - 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 32

WILLOWFIELD PARISH CHURCH

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act (Northern Ireland) 2008, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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 (FRS 102)".

Objectives and activities

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 Christianity.

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.

Public benefit

The Parish has given careful consideration to the Charity Commission 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 and performance

Significant activities and achievements against objectives

2024 was a year in which we sought to continue to build generating momentum throughout our weekly programmes, enabling us to serve 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 of youth and children programmes. We were able to open the doors of the 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 Family 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.

Service

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, Hospitals as well as people in their homes.

Discipleship

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.

WILLOWFIELD PARISH CHURCH

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Financial review

Total income for the year was up £247,188 on the prior year to £732,120 (2023: £484,932) of which £687,407 (2023: £446,137) was unrestricted, £2,759 (2023: £Nil) was endowments and £41,954 (2023: £38,795) was restricted. Unrestricted income for the year included the donation of Emmanuel Hall to the church, valued at £115,000. Income from donations and legacies was £675,595 (2023: £444,620), income from other trading activities was £47,496 (2023: £39,785) and income from investments was £9,029 (2023: £527).

Total expenditure amounted to £534,953 (2023: £496,536) of which £446,121 (2023: £453,814) was unrestricted, £Nil (2023: £Nil) was endowments and £88,832 (2023: £42,722) was restricted.

Net losses on investments were £3,812 (2023: £468 net gain) of which a loss of £2,968 (2023: £Nil) for unrestricted and a loss of £844 (2023: £468 gain) for endowments.

After transfers between unrestricted and restricted funds of £17,293 (2023: £10,012), there was an overall surplus for the year of £193,355 (2023: £11,136 deficit). There was a surplus of £221,025 (2023: £17,689 deficit) on unrestricted funds, a deficit of £29,585 (2023: £6,085 surplus) on restricted funds and a surplus of £1,915 (2023: £468 surplus) on endowment funds.

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 2024 can be signed off as a going concern.

Reserves policy

The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity are maintained at a minimum level equivalent to three months salaries, which is approximately £100,000 which would be needed to meet the working capital requirements of the charity, any unexpected expenses, ensure financial stewardship and to enable the charity to effectively manage any unforeseen risk or financial difficulties.

At 31 December 2024, total funds were £1,891,220 (2023: £1,697,865) of which unrestricted funds were £257,397 (2023: £36,372), restricted funds were £1,514,139 (2023: £1,543,724) and the endowment funds were £119,684 (2023: £117,769). The trustees are satisfied that the level of reserves is sufficient to continue the current activities of the charity in the event of a significant shortfall in income levels. The trustees will continue to review the reserves policy to ensure that the policy reflects the needs of the charity in a changing environment.

Principal funding sources

The church's principal sources of income are contributions to Freewill Offering together with Gift Aid receipts. This year the charity received a one-off donation being the gift of Emmanuel Hall valued at £115,000.

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 2025.

WILLOWFIELD PARISH CHURCH

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management

Chapter III 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.

The Trustees who served during the year and up to the date of signature of the financial statements were: Rev C Atkinson

Rev C Atkinson
Ms A Lowry
Mr A Mateer (Resigned 17 April 2024)
Mr K Flanigan (Resigned 17 April 2024)
Ms D Mayes
Mr K McMaw
Mr G Patterson
Mr I Lyons
Ms E Down
Mr T Cairns (Resigned 30 April 2025)
Ms P Wilson
Mr J Rainey (Appointed 17 April 2024)
Mr D Woods
Mr J Cousins
Mr B Mayes
Mr A Wallace (Resigned 30 April 2025)
Mr A Blair
Mr F Khamanra (Resigned 30 April 2025)
Mr J Moore (Appointed 17 April 2024)
Mr B Simpson (Appointed 17 April 2024)
Ms J Hall (Appointed 17 April 2024)
Ms S McDonald (Appointed 30 April 2025)
Mr S Ritchie (Appointed 30 April 2025)
Mr D Wylie (Appointed 30 April 2025)
Ms E Frazer (Appointed 30 April 2025)

Recruitment and appointment of Select Vestry

All 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.

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 annually and there is no limit on the number of terms which may be served.

Organisational structure

The select vestry is 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 (“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 making 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 may be convened at any time by the chairperson or the churchwardens.

WILLOWFIELD PARISH CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aclry his rrle ￿ Rect( of w11th￿oId Parish Churth, the Rev Clfve Aikln8cm roc•lvod • stip￿0 dk• )d afKM8nce In 8cconlance Ilgure8 8pproved by the Gener81 Synod of the Church ol kelwrfl. fv4XI In role as of ￿OWne￿j Parlsh Church, Mr8 E M Pentland rec8lv88 8 8Upend and Offi￿ and I alMrKe In a(xtydan¢>J with figures approvod by Iho General Synod of tho Church of Ir8kn1. IIM8 hav• been delailed in note 10 in the Notes to the financial s18ternents. No other charfty trustees receive arry rw1KwiwallL￿ frrffi ￿eld Parish Churth. Wlknvfield Parish Cornmunlty Assodatlon, a charftable company reg18tered In Northern Ireland (dwrty n￿1b￿. NIC 103336 and cx)mpany registration nurnbor NKk52808) is a related party of tho chartty 88 Révwend Ch Atkinson acts as lyustee both ch8rilies. The Tnjstees are responsiL4e for prepariThJ the TnL8tees' Rep￿ and the finandal statements th acc(wdwKe apphcable law and Unlted Klngdom Acclwntlng Standards (Untted Klngd(xn Generaly Acceffj&J Prn(kn). The law apP￿Cable to charlties In Northem Ireland r8qulres the Twstees to prepare finandal statemerts fcy exh financaal year whith give a true and fair view of the state of affairs of th8 charity and of the inccning regjrn aml appk¢ati(m of resources of the charity for that year. In weparing these finandal statements. the Trustees are requlred to: - seloci suitabb attounts'ng policies and then apply them consistenty; - obsepde the methods and princaples In the Charities SORP,. - rnke Judgements and esdmales that are reasonable and prudenL' . state wh8ther applicatle accountlng slandard8 have been folryAwl, subjeca to any materfal depwttrn dluJa arKI exin8d in the finanoal statements: and . wepare the firw)cial ststernents on the going concern basis unless rtls inapwylale to wesurn that the wll curtlnue In QP8TatS0n. The Tnthes are responsible f¢x keeping sufficient accounting records that dlsdose with reasonalAo actsJacy at any twne Ihe firwaal position of the charity and enable them to ensure that the finandal statements conwy Chwiti88 Ad (Northem Ireland) 2008 and the provisions of Ihe trust deed. They are akn re¥thsit4e fry safwarding th8 8&8ets of Ihe chafflty and henc8 fry th￿.ng Mascnabl8 steps for the and tht•ckn c4 fraud and otrw irregularftles. Trust608 ¥6 res￿81￿8 for th8 maintenance aThJ integrity of the ctharity and finandal infrnticffi tr (arityB wd>sii8. Legis1811on in the Unrted Kingdom govemlng tha preparnllon and d183wnlnation ol Its may dffer Irfxn loglsl8llon In rAherJurlsdlcl1o￿. Dl•do•ur• of Infomi•tlon 1¢ •udltor E• d th• ha• rAY)fimiad that thare 18 no Inlorniatlon of whlch Ihey ar• awar• thkh is rnlovanl to tt atyx tKrt (rf the 8udrt(x is unaware. They have further r￿fin￿ed Ihat they have laken Idw Inftym•kn and to ￿tablIsh that the audltor18 aware of •uch Inlomwkn, apw•d by th• Board of TnMtoo•. Tru•t••

WILLOWFIELD PARISH CHURCH

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF WILLOWFIELD PARISH CHURCH

Opinion

We have audited the financial statements of Willowfield Parish Church (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

WILLOWFIELD PARISH CHURCH

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF WILLOWFIELD PARISH CHURCH

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts and Reports Regulations (Northern Ireland) 2015 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

WILLOWFIELD PARISH CHURCH

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF WILLOWFIELD PARISH CHURCH

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 65(2) of the Charities Act (Northern Ireland) 2008 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

WILLOWFIELD PARISH CHURCH

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF WILLOWFIELD PARISH CHURCH

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the charity for fraud and identified the greatest potential for fraud in income recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the charities legislation applicable to Northern Ireland and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate or to avoid a material penalty.

WILLOWFIELD PARISH CHURCH

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF WILLOWFIELD PARISH CHURCH

Audit response to risks identified

Our procedures to respond to the risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

WILLOWFIELD PARISH CHURCH

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF WILLOWFIELD PARISH CHURCH

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities Accounts and Reports Regulations (Northern Ireland) 2015. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body , for our audit work, for this report, or for the opinions we have formed.

Ms Gillian Johnston ACA (Senior Statutory Auditor)

For and on behalf of GMcG PORTADOWN, Statutory Auditor Chartered Accountants

17 Mandeville Street

Portadown Craigavon Co Armagh BT62 3PB 27 October 2025

WILLOWFIELD PARISH CHURCH

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
Restricted Endowment
funds
funds
funds
2024
2024
2024
Notes
£
£
£
Income from:
Donations and legacies
3
636,681
38,914
-
Other trading activities
4
47,176
320
-
Investments
5
3,550
2,720
2,759
Total income and endowments
687,407
41,954
2,759
Expenditure on:
Raising funds
6
294
-
-
Charitable activities
7
445,827
88,832
-
Total expenditure
446,121
88,832
-
Net gains/(losses) on investments
12
(2,968)
-
(844)
Net income/(expenditure)
238,318
(46,878)
1,915
Transfers between funds
(17,293)
17,293
-
Net movement in funds
9
221,025
(29,585)
1,915		 Total
Unrestricted
Restricted Endowment
funds
funds
funds
2024
2023
2023
2023
£
£
£
£
675,595
407,334
37,286
-
47,496
38,282
1,503
-
9,029
521
6
-
732,120
446,137
38,795
-
294
507
-
-
534,659
453,307
42,722
-
534,953
453,814
42,722
-
(3,812)
-
-
468
193,355
(7,677)
(3,927)
468
-
(10,012)
10,012
-
193,355
(17,689)
6,085
468		 Total
2023
£
444,620
39,785
527
484,932
507
496,029
496,536
468
(11,136)
-
(11,136)

WILLOWFIELD PARISH CHURCH

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
Restricted Endowment
funds
funds
funds
2024
2024
2024
Notes
£
£
£
Reconciliation of funds:
Fund balances at 1 January 2024
36,372
1,543,724
117,769
Fund balances at 31 December 2024
257,397
1,514,139
119,684		 Total
Unrestricted
Restricted Endowment
funds
funds
funds
2024
2023
2023
2023
£
£
£
£
1,697,865
54,061
1,537,639
117,301
1,891,220
36,372
1,543,724
117,769		 Total
2023
£
1,709,001
1,697,865

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

WILLOWFIELD PARISH CHURCH BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Not•• Tang￿e assot8 14 18 1,580,950 112,603 1.465,950 117,769 1,693,553 1,583,719 17 142.682 326,827 123.617 270,407 Cash at bank 8T￿ In hand 469,509 394,024 Cv•dltors: •mounts f•lllng du• wlthln 20 (21,842) (29,878) 447,667 364.146 au•ts less curr•nt Ilabllltl 2,141,220 1,947,865 amounts lalllng due aft•r mNe than one y•ar 21 {250,000) (250.000) 1,891,220 1,697.865 Th• funds of th• charlty Klowment fvnds Restrided inca)me funds 23 24 25 119,684 1,514.139 257,397 117.769 1,543,724 36,372 1,891.220 1,697,865 The fmend81 SI8temw￿ were approved by the Twstees on .. .. . ......... . Mr J Ralney Tru•ts• 13-

WILLOWFIELD PARISH CHURCH

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

2024
Notes
£
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
30
Investing activities
Purchase of investments
(150,074)
Proceeds from disposal of investments
151,428
Investment income received
9,029
Net cash generated from investing activities
Financing activities
Proceeds from borrowings
-
Net cash generated from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 £
46,037
10,383
-
56,420
270,407
326,827		 2023
£
-
-
527
250,000		 £
(4,974)
527
250,000
245,553
24,854
270,407

WILLOWFIELD PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Charity information

Willowfield Parish Church is a charity and is part of the registered charity, Belfast/Belfast: Willowfield/ Willowfield Parish Church/Down & Dromore/Church of Ireland which registered with The Charity Commission for Northern Ireland on 9th March 2015. The address of the registered office is given in the charity information of page 1 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 constitutes a public benefit entity as defined by FRS 102.

Belfast/Belfast: Willowfield/ Willowfield Parish Church/Down & Dromore/Church of Ireland constitutes a public benefit entity as defined by FRS 102.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act (Northern Ireland) 2008, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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 (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

WILLOWFIELD PARISH CHURCH

1 Accounting policies (Continued)

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

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.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Donations and gifts in kind are brought into the accounts at their fair value to the Parish.

Income from government and other grants, 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, it is probable that the income will be received and the amount can be measured reliably and not deferred.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods 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 dividends together with any reclaimable tax credits are included in the accounts as received. Rent is included in the accounts when it is receivable.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

WILLOWFIELD PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies (Continued)

1.6 Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost). Costs include costs directly attributable to making the asset capable of operating as intended.

Tangible fixed assets of the Parish comprise:-

Church halls are stated at deemed cost. 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.

During the year, a building, Emmanuel Hall, was gifted to the charity. It was valued at 27th November 2023 by Lisney NI Ltd, 3F Montgomery House, 29-33 Montgomery Street, Belfast, BT1 4NX, independent valuers not connected with the company on the basis of market value at a valuation of £115,000 which will be its deemed cost for accounting purposes going forward. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

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 (losses)/gains’.

The costs of minor additions, where the useful life is considered to be less than 2 years, are not capitalised.

No depreciation has been provided on the Church Halls, Glebe House, the Curatage and Emmanuel Hall as the current estimated residual value is not less than its carrying value and the remaining useful life currently exceeds 50 years.

Leasehold land and buildings Nil

1.7 Heritage assets

The Church Building is deemed to be Heritage asset as defined by the Charities SORP 2019 (FRS102).

This Heritage asset is not included in the balance sheet as 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.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

WILLOWFIELD PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies (Continued)

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14 Current asset investments

Current asset investments are short term investments with a maturity date of no greater than one year. They include short term deposits and are stated at their initial cost less impairment on the basis that they have maturity terms of no greater than one year.

WILLOWFIELD PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
636,681
38,914
Donations and gifts
Plate Collections
19,730
2,362
Weekly envelopes / FWO
354,597
33,989
Tax recovered on
Donations
78,516
-
Special Appeals
974
2,563
Grants
20,011
-
Legacy
39,416
-
Other
8,437
-
Emmanuel Hall
115,000
-
636,681
38,914
Income from other trading activities
Unrestricted
Restricted
funds
funds
2024
2024
£
£
Contributions to church
funds
47,176
320		 Total Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
675,595
407,334
37,286
22,092
18,098
3,438
388,586
302,014
16,733
78,516
57,655
3,054
3,537
-
2,811
20,011
2,035
-
39,416
20,000
-
8,437
7,532
11,250
115,000
-
-
675,595
407,334
37,286
Total Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
47,496
38,282
1,503		 Total
2023
£
444,620
21,536
318,747
60,709
2,811
2,035
20,000
18,782
-
444,620
Total
2023
£
39,785

WILLOWFIELD PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

5 Income from investments

Investment income

Unrestricted **Restricted ** Endowment Total Unrestricted Restricted Endowment Total
funds funds funds funds funds funds
2024 2024 2024 2024 2023 2023 2023 2023
£ £ £ £ £ £ £ £
3,550 2,720 2,759 9,029 521 6 - 527

WILLOWFIELD PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

6 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
Seeking donations, grants and legacies 294 507
7 Expenditure on charitable activities
Charitable Charitable
activities activities
2024 2023
£ £
Direct costs
Staff costs 318,448 297,051
Donations 14,626 25,204
Diocesan Assessment 28,534 29,290
Church Running Costs 20,605 16,296
Glebe Costs 78,088 59,620
Rectory Costs 2,437 3,514
Charitable Donations 42,930 40,248
Ministry 15,542 10,705
Youth 4,502 8,729
Men's Ministry 362 298
Women's Ministry 185 53
Outreach 1,436 2,171
Alpha 1,326 658
529,021 493,837
Share of support and governance costs (see note 8)
Governance 5,638 2,192
534,659 496,029
Analysis by fund
Unrestricted funds 445,827 453,307
Restricted funds 88,832 42,722
534,659 496,029

WILLOWFIELD PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

8
Support costs allocated to activities
Charitable
activities
2024
£
Governance
5,638
2024
Governance costs comprise:
£
Audit fees
5,638
5,638
9
Net movement in funds
2024
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
5,638		 Total
2023
£
2,192
2023
£
2,192
2,192
2023
£
2,192

WILLOWFIELD PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

10 Trustees and key management personnel

The trustees and key management personnel received remuneration in the year totalling £97,828 (2023: £93,134) and an analysis of the remuneration is shown in the tables below.

For the year 2024, the values approved by General Synod and implemented by the Select Vestry of Willowfield Parish Church were:

Total
Rector
 Vicar Curate 2024
£
 £ £ £
Stipend 36,910
 - 28,348 65,258
Locomotory expenses 6,160 - 6,260 12,420
Expenses of office allowance 800
 - 170 970
Heating allowance 1,000
 - - 1,000
Pension contribution 10,242
 - 7,937 18,179
---------
 ------ --------- ---------
Total 55,112
 - 42,715 97,828
---------
 ------ --------- ---------

For the year 2023, the values approved by General Synod and implemented by the Select Vestry of Willowfield Parish Church were:

Willowfield Parish Church were:
Total
Rector
 Vicar Curate 2023
£
 £ £ £
Stipend 36,475
 - 23,325 59,800
Locomotory expenses 6,590
 - 6,290 12,880
Expenses of office allowance 800
 - 170 970
Heating allowance 500
 - - 500
Pension contribution 10,848
 - 8,136 18,984
---------
 ------ --------- ---------
Total 55,213
 - 37,921 93,134
---------
 ------ --------- --------- ---------

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 £137 (2023: £856) relating to the running costs of the Glebe House which is occupied by the rector and £Nil (2023: £Nil) relating to the Curatage.

WILLOWFIELD PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

10 Trustees and key management personnel (Continued)

Some trustees and key management personnel received reimbursement for expenses incurred on behalf of the the Parish:

Total Total
2024 2023
Trustee Expense Description £ £
Rev C. Atkinson Maintenance 88 -
Rev C. Atkinson Ministry Expense 100 94
Rev C. Atkinson Training 248 74
Mrs E. Pentland Life Group - 88
Mrs E. Pentland Ministry Expense 589 -
Mrs E. Pentland Groceries 20 30
Mrs E. Pentland Training 15 -
------- -----
1,060 286
------- -----

11 Employees

The average monthly number of employees during the year was:

Ministerial support
Operations
Music and lighting staff
Premises maintenance
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
6
2
1
2
11
2024
£
275,387
22,296
20,765
318,448		 2023
Number
8
1
1
2
12
2023
£
254,379
21,289
21,383
297,051

There were no employees whose annual remuneration was more than £60,000.

WILLOWFIELD PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

11 Employees (Continued)

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2024 2023
£ £
Aggregate compensation 97,828 93,134

The trust considers its key management personnel comprise the trustees.

The total amount of employee benefits received by key management personnel was £Nil (2023: £Nil).

12 Gains and losses on investments

**Unrestricted ** Endowment Total **Unrestricted ** Endowment Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
Gains/(losses) arising on: £ £ £ £ £ £
Sale of investments (2,968) (844) (3,812) - 468 468

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14 Tangible fixed assets

Cost or valuation
At 1 January 2024
Additions
At 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023
2024
£
Long leasehold
1,580,950		 Leasehold
land and
buildings
£
1,465,950
115,000
1,580,950
1,580,950
1,465,950
2023
£
1,465,950

WILLOWFIELD PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

14 Tangible fixed assets (Continued)

During the year, Emmanuel Hall, included within leasehold land and buildings was gifted to the charity. It was valued at 27th November 2023 by Lisney NI Ltd, 3F Montgomery House, 29-33 Montgomery Street, Belfast, BT1 4NX, independent valuers not connected with the company on the basis of market value at a valuation of £115,000 which will be its deemed cost for accounting purposes going forward. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

At 31 December 2024, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £287,500 (2023 - £287,500).

The carrying value of the leasehold land and buildings includes: £287,500 for Glebe House and the Curatage, £1,178,450 for church hall and £115,000 for Emmanuel Hall.

15 Heritage assets

The Church Building is deemed to be a heritage asset as defined by the Charities SORP 2019 (FRS 102).

This heritage asset is not included in the balance sheet as 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.

16 Fixed asset investments

Listed
investments
Other
investments
£
£
Cost or valuation
At 1 January 2024
844
116,925
Additions
-
74
Valuation changes
-
(170)
Disposals
(844)
(4,226)
At 31 December 2024
-
112,603
Carrying amount
At 31 December 2024
-
112,603
At 31 December 2023
844
116,925
2024
Investments at fair value comprise:
£
M&G investments
108,589
CIT Unit trust
-
RCB Unit trust
4,014
Barclay bonds
-
112,603		 Total
£
117,769
74
(170)
(5,070)
112,603
112,603
117,769
2023
£
105,830
844
3,940
7,155
117,769

WILLOWFIELD PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

16 Fixed asset investments (Continued)

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 31st December 2024.

17 Debtors

Amounts falling due within one year:
Other debtors
Prepayments and accrued income		 2024
£
136,339
6,343
142,682		 2023
£
123,617
-
123,617

Included within other debtors is an amount of £135,090 (2023: £122,367) due from HMRC for Gift Aid.

18 Current asset investments

During the year £150,000 was placed in a six month fixed term deposit account with a maturity date of 30th August 2024. On maturity, interest of £2,858 and the initial investment of £150,000 was received.

19 Loans and overdrafts

Other loans
Payable after one year		 2024
£
250,000
250,000		 2023
£
250,000
250,000

The loan is an unsecured non-interest bearing loan provided by a supporter of the church.

20 Creditors: amounts falling due within one year

Accruals and deferred income
21
Creditors: amounts falling due after more than one year
Borrowings		 2024
£
21,842
2024
£
250,000		 2023
£
29,878
2023
£
250,000

WILLOWFIELD PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

21 Creditors: amounts falling due after more than one year (Continued)

In a prior period Willow Parish Church received a sum of £250,000. Under the terms of the receipt, this amount is legally repayable to the donor.

Although the church has received legal confirmation that repayment is not expected to be sought, the trustees acknowledge that the donor retains the right to request repayment. Accordingly, due to the possibility of repayment, the amount has been recognised as a liability within creditors, amounts falling due after more than one year at the year end.

The trustees understand that the donor’s intention is for the sum to be gifted to the church over the course of future periods. Once the obligation to repay has been formally released, the amount will be transferred from liabilities to income and reserves.

22 Retirement benefit schemes

Retirement benefit schemes
2024 2023
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 20,765 21,383

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

23 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

At 1 January Incoming Gains and At 31
2024 resources losses December
2024
£ £ £ £
Permanent endowments
Listed shares 844 - (844) -
Bonds, shares and unit trusts 116,925 2,759 - 119,684
117,769 2,759 (844) 119,684
Previous year: At 1 January Incoming Gains and At 31
2023 resources losses December
2023
£ £ £ £
Permanent endowments
Listed shares 844 - - 844
Bonds, shares and unit trusts 116,457 - 468 116,925
117,301 - 468 117,769

Endowment funds are made up of 1 year Bonds, Stocks and Shares and Unit Trusts.

WILLOWFIELD PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

24 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At
Building Fund
Church Hall
Scarlett
Foodstore
Special
CAP
U/Turn
Previous year:
At
Building Fund
Church Hall
Scarlett
Foodstore
Special
CAP
U/TURN		 1 January
2024
Incoming
resources
Resources
expended
£
£
£
1,207,508
31,543
(44,839)
287,500
-
-
10,974
2,750
(7,105)
1,134
3,625
(4,153)
15,123
319
(32,735)
13,965
3,717
-
7,520
-
-
1,543,724
41,954
(88,832)
1 January
2023
Incoming
resources
Resources
expended
£
£
£
1,193,628
17,714
(3,834)
287,500
-
-
3,468
11,256
(3,750)
2,691
2,616
(4,173)
33,072
3,004
(30,965)
9,760
4,205
-
7,520
-
-
1,537,639
38,795
(42,722)		 Transfers
At 31
December
2024
£
£
-
1,194,212
-
287,500
-
6,619
-
606
17,293
-
-
17,682
-
7,520
17,293
1,514,139
Transfers
At 31
December
2023
£
£
-
1,207,508
-
287,500
-
10,974
-
1,134
10,012
15,123
-
13,965
-
7,520
10,012
1,543,724

The income in the restricted funds relates to donations to the building fund and other specific donations during the year.

£17,293 was transferred from unrestricted funds to restricted funds to make good the deficit on the Special fund.

WILLOWFIELD PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

25 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At
General funds
Previous year:
At
General funds		 1 January
2024
Incoming
resources
Resources
expended
£
£
£
36,372
687,407
(446,121)
1 January
2023
Incoming
resources
Resources
expended
£
£
£
54,061
446,137
(453,814)		 Transfers
Gains and
losses
At 31
December
2024
£
£
£
(17,293)
(2,968)
257,397
Transfers
Gains and
losses
At 31
December
2023
£
£
£
(10,012)
-
36,372

The income in the General Fund comprises mainly of donations from collections and gift aid. Expenses within the General Fund relate to the raising of funds and charitable activities of the charity.

No funds were designated at the period end.

26 Analysis of net assets between funds

Unrestricted
Restricted
Endowment
funds
funds
funds
2024
2024
2024
£
£
£
At 31 December 2024:
Tangible assets
115,000
1,465,950
-
Investments
-
-
112,603
Current assets/(liabilities)
392,397
48,189
7,081
Long term liabilities
(250,000)
-
-
257,397
1,514,139
119,684
Unrestricted
Restricted
Endowment
funds
funds
funds
2023
2023
2023
£
£
£
At 31 December 2023:
Tangible assets
-
1,465,950
-
Investments
-
-
117,769
Current assets/(liabilities)
286,372
77,774
-
Long term liabilities
(250,000)
-
-
36,372
1,543,724
117,769		 Total
2024
£
1,580,950
112,603
447,667
(250,000)
1,891,220
Total
2023
£
1,465,950
117,769
364,146
(250,000)
1,697,865

WILLOWFIELD PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

27 Pensions and other post-retirement benefits

Defined contribution pension plan

The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £20,765 (2023: £21,383).

The contribution for the Rector and Curate totalled £18,179 (2023: £18,984) and for other employees £2,586 (2023: £2,399).

The defined contribution liability is allocated to charitable activities.

28 Capital commitments

At the balance sheet date Willowfield Parish Church had no capital commitments contracted for.

Subsequent to the year end, the church entered into a contract for repair and refurbishment works to its buildings amounting to approximately £405,000 plus VAT. These works are expected to commence during the next financial year. The church aims to raise funds to fund this work.

29 Related party transactions

Reverend Clive Atkinson acted as a trustee of Willowfield Parish Community Association. Also, see the notes "Trustees" and "Employees" for other related party transactions. During the year, donations totalling £29,713 (2023: £41,811) were paid to Willowfield Parish Community Association. During the year, donations totalling £5,000 (2023: £5,000) were received from Willowfield Parish Community Association. At the balance sheet date the charity owed Willowfield Parish Community Association £3,728 (2023: £5,530).

Donations from Trustees and their spouses during the year totalled £47,126 (2023: £37,971).

30

Cash generated from/(absorbed by) operations
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Loss/(gain) on disposal of investments
Movements in working capital and other:
Gift of tangible fixed asset
(Increase)/decrease in debtors
(Decrease) in creditors
Cash generated from/(absorbed by) operations		 2024
£
193,355
(9,029)
3,812
(115,000)
(19,065)
(8,036)
46,037		 2023
£
(11,136)
(527)
(468)
-
11,278
(4,121)
(4,974)

WILLOWFIELD PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

31 Analysis of changes in net funds
At 1 January Cash flows At 31 December
2024 2024
£ £ £
Cash at bank and in hand 270,407 56,420 326,827
Loans falling due after more than one year (250,000) - (250,000)
20,407 56,420 76,827