**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. - 1 - ## **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. - 2 - ## **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. - 3 - 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 incc*ning 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 dlu*J*a arKI ex*in8d 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: - give a true and fair view of the state of the charity’s affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the Charities Act (Northern Ireland) 2008. ## **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. - 5 - ## **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: - the information given in the financial statements is inconsistent in any material respect with the trustees' report; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. ## **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. - 6 - ## **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. - 7 - ## **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: - The nature of the industry and sector, control environment and business performance, including the charity's remuneration policies for trustees, bonus levels and performance targets, if any; - Results of our enquiries of management about their own identification and assessment of the risks of irregularities; - Any matters we identified having obtained and reviewed the charity's documentation of their policies and procedures relating to: - Identifying, evaluating and complying with laws and regulations and whether they were aware of any instance of non-compliance; - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and - The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; - The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. 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. - 8 - ## **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: - Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - Enquiring of management concerning actual and potential litigation and claims; - Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - Reading minutes of meetings of those charged with governance and reviewing correspondence with tax authorities; and - In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. 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. - 9 - ## **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 - 10 - ## **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)| |---|---|---| - 11 - ## **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. - 12 - 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| |---|---|---|---| - 14 - ## **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. - 15 - **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. - 16 - ## **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 - Glebe House - Curatage - Emmanuel Hall 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). - 17 - ## **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. - 18 - ## **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| - **4 Income from other trading activities** - 19 - ## **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| - 20 - ## **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| - 21 - ## **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| - 22 - ## **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. - 23 - ## **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. - 24 - ## **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| - 25 - ## **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| |---|---| - 26 - ## **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| - 27 - ## **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. - 28 - ## **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. - 29 - ## **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| |---|---| - 30 - ## **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)| |---|---|---| - 31 - ## **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| - 32 -