2024-12-31-accounts - BELFAST/Belfast: United Parish of St Nicholas & All Saints/Connor/Church of Ireland

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The United Parish of Saint Nicholas and All Saints Annual Report for the Year Ended 31 December 2024

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT)

Unrestricted funds £ 201,199 530 15,514 217,244 297,665 - 297,665	Restricted funds £ 10,480 41,914 - 52,394 58,245 - 58,245	Total 2024 £ 211,679 42,444 15,514 269,638 355,910 -	Total 2023 £ 247,248 58,771 17,853
			323,872
			352,778 -
		355,910 (86,272) 2,818 (83,454) - (4,006) (87,460) 1,313,603 1,226,143	352,778
(80,421) 6,458 (73,963) (2,623) (4,006) (80,592) 844,882	(5,851) (3,640) (9,491) 2,623 - (6,868) 468,721 461,853		(28,907) 16,626
			(12,281) - - (12,281)
			1,325,884
764,289			1,313,603

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities

The notes on pages 11 to 21 form part of these financial statements.

The financial statements were approved by the Trustees on

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2025
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Mr Michael Hamer Hon. Treasurer

The Revd Trevor Johnston Chairman

The United Parish of Saint Nicholas and All Saints Annual Report for the Year Ended 31 December 2024

BALANCE SHEET

(AS AT 31 DECEMBER 2024)

£ £ 913,464 280,988 1,194,452 10,944 47,963 58,907 (23,211) 35,697 1,230,149 (4,006) 1,226,143 461,853 764,289 1,226,143 2024	2023	2023
£ 10,944 47,963 58,907 (23,211)	£ 3,712 99,545 103,257 (6,143)	£ 588,319 628,170
		1,216,489 97,114
		1,313,603 -
		1,313,603
		468,721 844,882
		1,313,603

The notes on pages 11 to 21 form part of these financial statements.

The financial statements were approved by the Trustees on

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2025
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Mr Michael Hamer Hon. Treasurer

The Revd Trevor Johnston Chairman

The United Parish of Saint Nicholas and All Saints Annual Report for the Year Ended 31 December 2024

NOTES TO THE FINANCIAL STATEMENTS

(FOR THE YEAR ENDED 31 DECEMBER 2024)

1. Accounting Policies

1.1. Charity Information

The United Parish of Saint Nicholas and All Saints is a constituted parish of the Church of Ireland and is governed and managed under the Constitution of Church of Ireland and the regulation of the Diocese of Connor. The United Parish was formed on 1[st] January 2023 following the merger of two parishes: Saint Nicholas Parish Church, Lisburn Road and All Saints Parish Church, University Street. The United Parish is an unincorporated charity registered with the Northern Ireland Charities Commission. The registered office is 1 Cadogan Park, Belfast, BT9 6HG. The church buildings are Saint Nicholas Church, 507 Lisburn Road, Belfast, BT9 7EZ and All Saints Church, University Street, Belfast, BT7 1LB.

1.2. Accounting Convention

The financial statements have been prepared in accordance with the charity's Constitution, and 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland.

The United Parish is a public benefit entity as defined under FRS 102. Assets and liabilities are initially recognised at historical cost and transaction value unless otherwise stated in the relevant accounting policy note(s).

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 £.

1.3. 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. Therefore, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4. Charitable Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors 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.

1.5. 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.

The United Parish of Saint Nicholas and All Saints Annual Report for the Year Ended 31 December 2024

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.

Legacies are included within Income under either unrestricted or restricted funds according to the terms under which the donation is made and when the amount can be quantified with reasonable certainty. If the amount is not known, the legacy is treated as a contingent asset.

1.6. Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably.

Expenditure on charitable activities includes costs undertaken to further the purposes of the charity.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back-office costs, finance, personnel, payroll, and governance costs which support the charity's activities. These costs have been allocated to expenditure on charitable activities. The basis on which support costs have been allocated are set out in the notes to the accounts.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1.7. Tangible Fixed Assets

The assets of the United Parish comprise:

Church Buildings (Lisburn Road & University Street)
Parish Centres (Cadogan Park & Canterbury Street)
Glebe House (Harberton Park)
Fixtures & Fittings

The Church Buildings are deemed to be Heritage assets as defined by the Charities SORP (FRS102). These Heritage assets are not included on 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 United Parish.

The Parish Centre on Canterbury Street is physically attached to the All Saints church building and as such is not separable as an individual asset. As such it is deemed to be a Heritage asset and no value is ascribed to it 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.

The Parish Centre on Cadogan Park is recognised at cost of construction. No depreciation has been provided on the parish centre building as the current estimated residual value is not less than its carrying value and the remaining useful life currently exceeds 50 years.

The Glebe House is recognised at the fair value recorded when Glebe House was utilised as investment property until 2021. No depreciation has been provided on Glebe House as the

The United Parish of Saint Nicholas and All Saints Annual Report for the Year Ended 31 December 2024

current estimated residual value is not less than its carrying value and the remaining useful life currently exceeds 50 years.

Assets purchased out of restricted funds will be written off in the year of purchase unless they are valued at over £6,000 in which case, they will be added to the list of tangible fixed assets. These assets will be assessed in subsequent reports for valuation changes or depreciated as deemed appropriate by the trustees.

Fixtures and fittings are written off in the year of purchase unless they are valued at over £2,000 in which case, they will be depreciated on a straight-line basis over 5 years.

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. Fair value is market value for quoted investments and RCB units are valued at redemption value as provided by the RCB.

1.9. Cash & Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within Creditors Amounts falling due within 1 year.

1.10. 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 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.

The United Parish of Saint Nicholas and All Saints Annual Report for the Year Ended 31 December 2024

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.

1.11. 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.

1.12. Pension Obligations

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

Regarding the Defined Benefit Pension Scheme, the United Parish is committed to making monthly payments to make good the deficits and therefore recognises a liability for the contributions payable that arise from its agreement with the diocese, to the extent that they relate to the deficit. Note 19 provides additional disclosure.

2. Critical Accounting Judgements & Estimates

Estimates and judgments made in the process of preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Trustees do not consider that there are any critical judgments made in applying the Parish’s accounting policies or that there are any critical accounting estimates or assumptions which may have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year.

The United Parish of Saint Nicholas and All Saints Annual Report for the Year Ended 31 December 2024

3. Donations and legacies

3. Donations and legacies
Note Members' contributions Donations and gifts 3.1 Gift Aid Claimed	Unrestricted funds £ 148,904 19,938 32,358 201,199	Restricted funds £ - 10,480 - 10,480	Total 2024 £ 148,904 30,418 32,358 211,679	Total 2023 £ 156,000 27,305 63,944
				247,248

A Gift Aid claim of £26,033 was received in 2023. This was attributed to All Saints income for 2022, however due to receipts and payment reporting of the All Saints 2022 financial report, the Gift Aid was not accrued therefore, the 2023 Gift Aid Claimed appears disproportionate to the 2023 Donations.

In 2023, £5,406 of the £247,248 was restricted funds.

3.1. Donations and Gifts

3.1. Donations and Gifts
Plate Collection Other Income Bequests Christians Against Poverty Ministry Training Fund	Unrestricted funds £ 5,733 1,551 12,653 - - 19,938	Restricted funds £ - 143 - 2,633 7,705 10,480	Total 2024 £ 5,733 1,694 12,653 2,633 7,705 30,418	Total 2023 £ 5,788 871 15,240 2,176 3,230
				27,304

4. Income from Charitable Activities

4. Income from Charitable Activities
Property Use Grants & Bursary Books Convention Tickets Weekends Away	Unrestricted Funds £ 530 - - - - 530	Restricted Funds £ - 27,950 1,006 1,350 11,609 41,914	Total 2024 £ 530 27,950 1,006 1,350 11,609 42,444	Total 2023 £ 1,020 45,505 2,438 1,052 8,757
				58,771

In respect to £58,771 received from Charitable Activities in 2023, £57,751 was restricted.

5. Income from Investments

5. Income from Investments
RCB Unit Trust (NI) School House Fund Other investment income	2024 £ 14,270 1,019 226 15,514	2023 £ 16,003 1,568 282
		17,853

All income received from Investments in 2023 and 2024 was unrestricted.

The United Parish of Saint Nicholas and All Saints Annual Report for the Year Ended 31 December 2024

6. Non-Exchange Transactions

The United Parish receives the free use of a Rectory to house the incumbent and his family. Rental costs are not charged to the United Parish. The United Parish is responsible for the general upkeep and maintenance costs of the Rectory. The donation of the use of the rectory has not been accounted for but is simply disclosed in this report.

The United Parish recognises the contribution of unpaid volunteers, without whom, the church would not be able to run the various ministries and day to day activities throughout the week. Their contribution is not accounted for due to the lack of a reliable basis of measurement.

7. Expenditure on Charitable activities

Note Staff Costs (Clergy & Non-Clergy) 11 & 12 Contribution to Central pension costs 19 Diocesan General Fund Insurance Utilities & rates Property Repairs & Maintenance Stationery & Licenses Broadband Fire Extinguishers Bank Fees Children's & Youth Ministries Adult & Seniors Ministries Lisburn Road Outreach (+EDF) Holylands Outreach (EDF) Training for Ministry (MTF) Costs of Events & Other Activities 9 ASC Feasibility Study Special Objects - Mission Giving 8 Support Costs 10 Miscellaneous	Unrestricted funds £ 199,909 2,003 21,657 9,558 19,317 16,177 1,754 604 136 226 4,936 871 2,225 - - 944 - 16,100 1,247 - 297,665	Restricted funds £ 3,000 - - - - 145 - - - - - - 3,108 23,962 9,465 18,565 - - - - 58,245	Total 2024 £ 202,909 2,003 21,657 9,558 19,317 16,322 1,754 604 136 226 4,936 871 5,333 23,962 9,465 19,509 - 16,100 1,247 - 355,910	Total 2023 £ 173,025 12,340 22,066 9,339 19,256 17,790 2,495 1,001 323 325 3,765 2,704 14,133 22,752 - 18,866 10,320 21,030 341 907
				352,778

With respect to the £352,778 Expenditure on Charitable Activities in 2023, £52,033 was from Restricted Funds

The United Parish of Saint Nicholas and All Saints Annual Report for the Year Ended 31 December 2024

8. Special Objects - Mission Giving

Arab World Ministries Crosslinks Moore Theological College GAFCON Ireland Clive West Trust Christian Institute SAMS One Mission Society Connor Council for Mission Friends International	2024 £ 7,500 6,000 1,000 400 300 250 250 200 100 100 16,100	Total 2023 £
		21,030

9. Costs of Events & Other Activities

9. Costs of Events & Other Activities
Staff Conference Fees Bible & Book Purchases Weekends Away Convention Tickets Gazette Christians Against Poverty 10. Support costs Accountant Services Independent Examiner	Unrestricted funds £ 944 - - - - - 944 Support costs £ 297 - 297	Restricted funds £ - 1,415 13,782 1,390 143 1,835 18,565 Governance costs £ - 950 950	Total 2024 £ 944 1,415 13,782 1,390 143 1,835 19,509 Total 2,024 £ 297 950 1,247	Total 2023 £ 2,125 3,837 10,807 1,062 135 900
				18,866 Total 2,023 £ 341 -
				341

11. Trustees

The Rector and Curate both received remuneration for pastoral services in accordance with the Church of Ireland Constitution. The values for 2024 (2023) were approved by General Synod and implemented by the Select Vestry. The Rector received a stipend of £40,997 (£39,230) and received locomotory expenses, expense of office, communication, and evangelism allowances totalling £9,005 (£9,005). The Curate received a stipend of £30,177 (£27,120) and received locomotory expenses, expense of office, communication, and evangelism allowances totalling £7,453 (£7,453). Pension contributions of £9,145 (£6,441) were paid for the Rector and £7,544 (£5,153) were paid for the Curate. In accordance with the Church of Ireland Constitution, both the Rector and Curate were provided with free accommodation to fulfil their roles.

Employer's National Insurance contributions were paid to HMRC for employment of the Rector £3,972 (£2,940) and Curate £2,790 (£2,050). Inline with the Charities SORP definition, the Rector and Curate are considered as key management personnel. No other trustee received remuneration, benefits, or payment for professional or other services.

The United Parish of Saint Nicholas and All Saints Annual Report for the Year Ended 31 December 2024

12. Employees

Number of Employees

The average monthly number of employees (clergy and non-clergy) during the year was:

Employment Costs Gross Wages Employers National Insurance Employers Pension Contributions	2024 Number 6 2024 £ 176,108 11,733 15,067 202,909	2023 Number 6
		2023 £ 153,994 8,872 10,159
		173,025

No employees received emoluments in excess of £60,000 during the year or previous year.

13. Net gains/(losses) on investments

13. Net gains/(losses) on investments
Gain/(loss) on investments Restricted Funds Unrestricted Funds 14. Tangible fixed assets Cost At 1 January 2024 Refurbishment of Parish Hall At 31 December 2024 Carrying amount At 31 December 2024 At 31 December 2023 15. Fixed asset investments Cost or valuation At 31 December 2023 Additions/(Disposals) Valuation changes At 31 December 2024 Carrying amount At 31 December 2024 At 31 December 2023	Glebe House (Restricted) £ 400,000 - 400,000 400,000 400,000	2024 £ (3,640) 6,458 2,818 Parish Hall £ 188,319 325,145 513,464 513,464 188,319 Unlisted investments £ 628,170 (350,000) 2,818 280,988 280,988 628,170	2023 £ (22) 16,648
			16,626 Total £ 588,319 325,145
			913,464
			913,464 588,319
			Total £ 628,170 (350,000) 2,818
			280,988
			280,988
			628,170

The United Parish of Saint Nicholas and All Saints Annual Report for the Year Ended 31 December 2024

16. Debtors

16. Debtors
	2024	2023
Amounts falling due within one year:	£	£
Prepayments and accrued income	10,944	3,712

17. Creditors: amounts falling due within one year

17. Creditors: amounts falling due within one year
	2024	2023
	£	£
Accruals and deferred income	23,211	6,143

18. Taxation

The organisation is a registered charity and as such is entitled to certain tax exemptions on income and profits from investments and surpluses on any trading activities carried on in furtherance of the charity's primary objectives if these profits and surpluses are applied solely for charitable purposes.

19. Financial Commitments

The central defined benefit pension scheme for clergy was in deficit and was closed to new members on 31 May 2013. A plan for remedying the deficit was put in place over a 10 year period to finish in 2023. This plan would require each parochial unit to contribute 13% of Minimum Approved Stipend per annum irrespective of whether or not they had a serving clergyman. On 8 November 2023 notice was given from the diocese that the pension levy would continue at 3% of Minimum Approved Stipend for years 2024, 2025, and 2026. Contributions in 2024 amounted to £2,003 ( 2023 - £12,340). A liability has been recognised for the 2025 and 2026 contributions totalling £4,006.

The United Parish of Saint Nicholas and All Saints Annual Report for the Year Ended 31 December 2024

20. Restricted funds

A) Current Year

The income funds of the charity include restricted funds comprising the following unexpended balances of donations held on trust for specific purposes:

Glebe House (Investment) School House Fund (Investment) Evangelism Development Fund Ministry Training Fund Church Weekend Away Youth & Student Away Days Christians Against Poverty Flower fund Curate Bursary (RCB) Books Conference Tickets Gazette	Balance at Incoming 1 January Resources 2024 £ £ 400,000 - 51,104 - 7,920 24,950 3,230 7,705 - 9,827 - 1,782 1,276 2,633 5,191 - - 3,000 - 1,006 - 1,350 - 143 468,721 52,394	Movement in funds Resource Investment expended Value Change £ £ - - - (3,640) (27,070) - (9,465) - (11,452) - (2,330) (1,835) - (145) - (3,000) - (1,415) - (1,390) - (143) - (58,245) (3,640)	Transfers Balance at 31 December 2024 £ £ - 400,000 - 47,464 - 5,800 - 1,470 1,625 - 548 - - 2,074 - 5,046 - - 410 - 40 - - -
			2,623 461,853

Glebe House: This property is a restricted investment for the use of clergy employed by the United Parishes.

School House Fund: This is a fund raised from the sale of the All Saints School House. This investment is restricted for the use in education. On advice from Evelyn Partners and also based on fund performance, the trustees approved the decision to divest this fund from Evelyn Partners and reinvest in the Representative Church Body. The loss in value is reflective of the poorer investment performance and handling fees.

Evangelism Development Fund (EDF): This fund supports the church's Apprenticeship Scheme, outreach in the Holylands area of Belfast, and Children & Youth programs. In 2024 the United Parish received a significant grant from the Solas Trust in the sum of £20,000. This was to support the Apprenticeship Scheme. This fund carries forward a balance of £5,800 into 2025.

Ministry Training Fund: This fund was set up in 2023 to support members of our church congregation who are pursuing further education for a life in full-time Gospel ministry. Donations were received into this fund throughout 2024 to support candidates in theological education.

Church Weekend Away: This fund receives payments to cover the cost of the parish weekend. Transfers of £1,625 were made in 2024 to cover the cost of staff members, speaker fees and expenses, and to provide bursaries for those of limited means.

Christians Against Poverty: The parish uses this fund to support the work of a Debt Coach who operates in the South & West Belfast Debt Centre. The balance of £2,074 will be carried forward to support the work of the Debt Coach into 2025.

Flower Fund: This fund covers the cost of flowers used in the church. The fund carries forward a balance of £5,046.

Curate Bursary (RCB): This grant is received from the Representative Church Body to help parishes with the costs of taking on a Curate. £3,000 was used towards the Curate's stipend.

The United Parish of Saint Nicholas and All Saints Annual Report for the Year Ended 31 December 2024

Books, Conference Tickets, & Gazette: Funds received for the sale of books, conference tickets, and Church of Ireland Gazette acquired by the church and sold at cost price (the parish made no profit from sales). In 2024 transfers of £410 were made to cover staff conference tickets and books that were purchased by the church as gifts.

20. Restricted funds (continued)

B) Comparitive Year (2023)

Glebe House (Investment) School House Fund (Investment) Evangelism Development Fund Ministry Training Fund Church Weekend Away Christians Against Poverty Flower fund Curate Bursary (RCB) Books Conference Tickets Gazette	Balance at Incoming 1 January Resources 2023 £ £ 400,000 - 51,126 - - 43,005 - 3,230 - 8,757 - 2,176 5,398 - - 2,500 - 2,438 - 943 - 109 456,524 63,157	Movement in funds Resource Investment expended Value Change £ £ - - - (22) (35,085) - - - (10,807) - (900) - (207) - - - (3,837) - (1,062) - (135) - (52,033) (22)	Transfers Balance at 31 December 2023 £ £ - 400,000 - 51,104 - 7,920 - 3,230 2,050 - - 1,276 - 5,191 (2,500) - 1,400 - 119 - 27 -
			1,095 468,721

21. Analysis of net assets between funds.

ted by: Tangible assets Investments Current assets/(liabilities) nted by: Tangible assets Investments Current assets/(liabilities)	Unrestricted £ 513,464 233,524 17,302 764,289 188,319 577,066 79,496 844,881	Restricted Total £ £ 400,000 913,464 47,464 280,988 14,389 31,691
		461,853 1,226,143 400,000 588,319 51,104 628,170 17,617 97,114
		468,721 1,313,603

Fund balances at 31 December 2024 are represented by:

Fund balances at 31 December 2023 were represented by:

22. Related Party Transactions

There were no disclosable related party transactions during the year other than those detailed in note 11 (2023: none).