Charlty R8gistratlon No. NIC 102092 HOLYWOOD PARISH CHURCH ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Iii harbinson mulholland
HOLYWOOD PARISH CHURCH LEGAL AND ADMINISTRATIVE INFORMATION Cleryy Rev. Canon Gareth Harron Rev. Cosmin Pascu Select Vestry Mrs Heather Mccord (Hon Secretary) Mr Brian Beatty (Hon Treasurer) Mr Gavin Pantridge Mrs Betty McLaughlin Mr Bob Cooke (Wicals Glebe INarden) Miss Jayne Forster Mrs Jenny Noble Mr Wll Keown MrAdam Glover Mr Marc Ballard Mr Leslie Allen {People's Glebe Warden) Mr Jonathan Hooper (People's Church Warden) Mr Chris Mcllroy (Vicar's Church Warden) Mrs Gail Taylor Mrs Gil INalker Mr Peter Crookes (Appolnted 18 March 2024) (Appointed 18 March 2024) (Appointed 18 March 2024) (Appointed 18 March 2024) Charfty number NIC 102092 Operational address 71 Church Road Holywood Down BT18 9BX Independent examlner Harbinson Mulholland 6th Floor East Tower Lanyon Plaza 8 Lanyon Place Belfast Co. Antrim BT13LP Bankers Danske Bank Donegall Square vest Belfast Co. Antrim Northern Ireland BT16JS
HOLYWOOD PARISH CHURCH CONTENTS Paga Select Vestrws report Independent examine¢s report ststement of financial activities statement of financial position Statement of cash flows Notes to the financial statements 7-15
HOLYWOOD PARISH CHURCH SELECT VESTRY'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governance and management Holywood Parish Church is a part of the Diocese of Down and Dromore within the Church of Ireland as such is governed by the constitution of the Church of Ireland. Actlvltles Holywood Parish Church operates in Holywood. County Down, Northern Ireland. Its objective is to be the local Anglican expression of the Christian Church in Holywood. The Christian Church seeks to serve and glorify God, meeting together as the people of God. Results and achi•vements The surplus for the year amounted to £5,121 (2023: net loss £64,238), of which £4,119 is attributable to unrestricted reserves which now stand at £351,287 (2023- £347,168) and £1,002 Is attributable to restricted reserves. To achieve its objectives Holywood Parish Church holds Sunday and week day services of worship, provides variety of other meetings for members and guests, and teaches its members how to serve and glorify God. There are usually five Sunday services catering for different groupings and preferences of worship genre. A midweek service is also held on Wednesday. There are meetings for men, women, young people, carers and infants, and the elderly each week. Many who attend these meetings are not members of Holywood Parish Church. The meetings are provided partly as service to the community and guests are welcome and encouraged. Christian teaching 15 provided in the services of worship and at midweek meetings. These meetings are in small groups meeting in homes or larger gatherings in the church premises. Occasional special events such as concerts are arranged as opportunities to invite the wider commLnity to share the resources for which the church is responsible. Around 300 people attend the Sunday services. Up to 1,875 people remain on our database as wantlng to be connected to Holywood Parish Church. Publlc Beneflt The Select Vestry believes that the public beneflts from its Sunday and week day services: through education and spiritual formation on how to Serve and glorify God by serving the spiritual and physical needs of the community through e.g. dinners, recreatlonal groups and music events by encouraging people to support projects in the developing world includlng India and East Africa Recrultment and appolntment of Select Vestry The Select Vestry is appointed on an annual basis at the Easter Vestry. All those on the General Vestry Register are entitled to vote according to the constitution of the Church of Ireland. The churchwardens and stipendiary dergy are members of the Select Vestry ex officio. Reserves pollcy The Select Vestry believes that the Church has sufficient reserves to fund its activities in the future.
HOLYWOOD PARISH CHURCH SELECT VESTRY'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Select Vestry's rn8ponslbilllle8 The Select Vestry is required to prepare the Annual Report and financial ststements for each financial year, which glve a true and falr view of the state of the affairs and of the surplus or deficit of the Church for that year and have been prepad in accordance with Unlted Kingdom Generally Accepted Accounting Practi. preparlng these the Select Vestry is qUired to.. - select suilable accounting policies and apply them consistently: make jutlgements and estimates that are reasonable and prudent. prepare the financial stalemenls on the going concern basis unless tt Is Inappropriats to presume that the church will Gontlnue in business. The Select Vestry is responsible for keeplng proper accounting records. which disclose with reasonable accuracy 8t any lime the financial position of the Church. They are also responsible for safeguarding the assets of the Church and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularities. Select vtry and thelr Interests The Select Vestry during the year and at the dat8 thls report was approved, is Ilsted on pag8 1. A new select vestry is elected every year but members are able to be r84lected an indefinite number of tlmes accordlng to the constitution of the Church of Ireland. During the year to 31 December 2024, there were sixteen members of Select Vestry excluding the clergy, Indepgnd•nt axamlnors Harbinson Mulholland have indicated their willlngness to contlnue in office. This report has been prepared in accordance with the Statement of Recommended Practice I'Accounting and Reportlng by Charities,) 2015. By order of the Select Vestry anon Gafeth Harron Trustee Dated.. 10 March 2025
HOLYWOOD PARISH CHURCH INDEPENDENT EXAMINER'S REPORT TO THE SELECT VESTRY OF HOLYWOOD PARISH CHURCH I report to the Select Vestry on my examination of the financial statements of Holywood Parish Church (the charity) for the year ended 31 December 2024. Responslbllltles and basls of report As the Select Vestry of the charity you are responsible for the preparation of the financial statements and you have considered the audit requirement of Section 65(31 of the Charities Act {Nl) 2008 (the Charities Act). Having satisfied ourselves that the charity is not subject to audit under company law, and is eligible for independent examination, it is our responsibility to.. It is my responsibility to- examine the financial statements under section 65 of the Charities Act {Northem Ireland) 2008; follow the procedures laid down in the general Directions given by the Commission under section 85 19)(b) of the Charities Act (Northern Ireland) 2008,. and state whether particular matters have come to my attention. Independent examiners stst8ment I have completed my examination and I have no concems In respect of the matters (1) to (4) listed above and, In connection wlth following the Directions of the Charlty Commisslon for Northern Ireland, I have found no matters that require drawing to your attention. The accounting records were not kept in respect of the charity as required by section 63 of the Ctrorities Act.. or the financial statements do not accord with those records,. or That the financial statements do not comply with the accounting requirements of the Charities Act and with the methods and principles of the 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. the financial statements have not been prepared in accordance wlth the methods and principles of the Statement of Recommended Practice for accounting and reporting by chantses applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concems and have come across no other matters in connectlon with the examination to whlch attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. IGAJ(kn rnulklta Harbinson Mulholland Chartered Accountants 6th Floor East Tower Lanyon Plaza 8 Lanyon Place Belfast Co. Antrim BT13LP
HOLYWOOD PARISH CHURCH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted Re8tricted funds funds 2024 2024 Total Unrestrlcted Restrlct8d funds fund8 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Investments 368,018 16,866 62.025 430,043 16,866 355,741 19,144 59,921 415,662 19,144 Totsl income 384,884 62,025 446,909 374,885 59,921 434,806 Charltable activities 380,603 61,023 441,626 334,960 163,966 498,926 Net losses on investments 14 (162) (182) (1161 (116) Net Incomel(expendlture) and movement In fund8 4.119 1,002 5,121 39,809 (104.045) (64.236) Reconclllatlon of funds: Fund balances at 1 January 2024 347,168 17,002 364,170 307,359 121,047 428,406 Fund balances at 31 December 2024 351,287 18,004 369,291 347,168 17,002 364,170 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
HOLYWOOD PARISH CHURCH STATEMENT OF FINANCIAL POSITION ASAT 31 DECEMBER 2024 2024 2023 NotOS Fixed assets Tangible assets 11 66,520 66,520 Current assets Deblors Investments Cash at bank and In hand 12 13 13,063 5.306 356,118 17,363 5.468 343,919 374,487 366.750 Credttors: amount$ falllng duo wlthln one year 15 (71,716> (69,100) Net current assets 302,771 297,650 Total as•et81•85 curr•nt Ilabllltles 369,291 364,170 Income fund8 Reslricled funds Unrestrlcted funds Designated funds other deslgnat8d funds 17 18.004 17.002 242,320 104,848 242,320 65,039 18 347,168 347,169 351,287 347,168 369,291 364.170 The finan¢lal statements were approved by the Select Vesty on 10 March 2025 Mrs Heather Mccord (Hon Secretary) Trustee Mr Brian Bealty {Hon Tfeasurer}
HOLYWOOD PARISH CHURCH STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operatlng actlvltles Cash absorbed by operations 21 (4,667) (86,715) Investing actlvltles Investment income received 16,866 19,144 Net cash g8neratsd from Inve8tlng actlvlti89 16,866 18,835 Net cash used In flnanclng actlvltles Net Increaselldecrease) In cash and cash equlvalents 12,199 (67,880) Cash and cash equivalent8 at beginning of year 343,919 411,799 Cash and cash equfvalents at end of year 356,118 343,919
HOLYWOOD PARISH CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies 1.1 Accountlng conventlon The financial statements have been prepared in accordance with the "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)" (as amended for accounting period commencing from 1 January 2016). The charity is a Public Benefil Entity as defined by FRS 102. The financial Statements are prepared in sterling, which is the functional curr8ncy of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The finanaal stalements have been prepared under the hlstorical cost convention, modified to include the revaluation of freehold properties and to Include investment properties and certain financlal instruments at fair value. The principal accounting policles adopted are set out below. 1.2 Golng Concern At the time of approving the financial statements, the Select Vestry have a reasonable exp8Ctation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Select Vestry continue to adopl the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the Select Vestry 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 a set out in the notes to the financial statements. Investment income Is allocated to the appropriate fund. 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. Donations, are recognised when the Select Vestry has been notlfied in writing of both th8 amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised unlil either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis following the granting of probate when the administratorl executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the fomi of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advi50r of the dividend yield of the investment portfolio.
HOLYWOOD PARISH CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies Icontlnued) 1.6 Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the chanty to that expenditure, it is probable that settlement will be required and the amount of the (*)ligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses induding support costs and gernance costs are allocaled or apportioned to the applicable expenditure headings. 1.6 Tanglbla flxed a88ets At each balance sheet date, the carrying amount of tangible assets are reviewed lo detèrmine Whetr there is an indication that those assets have suffered an impairment loss. Where the carrying value exceeds the estimated recoverable amount (being the greater of fair value less costs to sell and value-in-use), an impairment loss is recognised by writing down the assets, cash-generaling unites to thelr recoverable amount. An impairment loss is recognised immediately in the Statement of Financial Activits-es, Any reversal of a previous impaimient loss is similarly recognised immediately in the Statement of Financial Activities. Fixed assets are nomally written off in the year of purchase, with the exception of land and buildings, which are valued at historic cost. Buildings are not depreciated as they are fully maintained. 1.7 Herftage assets The Church and related buildings within its ground are of a historic nature and as heritage assets have not been included on the balance sheet. 1.8 Investments Investrnents 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 incomel (expenditure} for the year. Transaction costs are expensed as Incurr8d. 1.9 Impalrnient of flxed assets At each reporting end date, the charity reviews the carrying amounts of its tanglble 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 assat is estimated in order to determine the extent of the impairment loss (If any). 1.10 Cash and cash •qulvalents 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 borrowngs in current liabilities. 1.11 Flnanclal 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 charty'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.
HOLYWOOD PARISH CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles (Continued) Basic financlal 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 fLrture receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Baslc finan¢ial Ilabilities 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 wlthin one year are not amortised. Debt Instruments are subsequently carried at amortised cost, uslng the eff8ctive interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operation5 from suppliers. Amounts payable are classified as current liabilities if payment is due wrthin one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transacts'on pric8 and subsequently measured at amortised cost using the effective interest method. Derecognition of flnanclal 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 reived. 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 Rotlrement beneflts Employees of th9 charity are entitled to join a defined contribution scheme. Contributions to defned contribution penslon arrangements are charged to the Statement of Financial Activitles as they fall due. The charity has no liability beyond makirbg its contributions and paying across the deductions for employee's contributions. Crftlcal accountlng estlmatos and Judgements In the application of the charity'5 accounting policies, the Select Vestry are required to make judgements, estimates and assumptions aboul 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.
HOLYWOOD PARISH CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Critical accountlng estimates and Judgements Icontinued) K8y sources of estlmation uncertalnty Tanglble flxed assets Tangible assets ar8 depreciated over their useful lives tsking into account residual values where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In reassessing asset lives factors such as maintenance programmes are taken into account. Residual value assessments consider issues such as the remaining life of the asset and its estimated value in use. Buildings are not depreciated as they are fully maintained. Donatlons and legacles Unrestrlcted Restrlcted funds funds Total 2024 Total 2023 Offertory and donations Congregational activities Gift days and special collections Other income Gift aid Donations from Trust 293,178 9,010 293,178 9,010 62,025 8,404 59,428 266,017 5,388 69,921 6,598 57,758 10,000 62,025 6,404 59,426 368,018 82,025 430,043 415.662 For the year endod 31 December 2023 355,741 59,921 415,682 Investments 2024 2023 Rental income Dividend received Interest receivable 7,704 3,703 5,459 14,069 3,473 1,602 16,866 19,144 10-
HOLYWOOD PARISH CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable actlvlt18S 2024 2023 Stsff costs Congregational activities Diocesan and charitable giving 175,424 43,963 120,386 126,753 26,728 221,784 339,773 375,265 Share of support costs (see note 61 Share of governance costs (see note 6) 100,653 1,200 122,561 1,100 441,626 498,926 Analysls by fund Unrestricted funds Restricted funds 380,603 61,023 441,626 For the year ended 31 Decemb8r 2023 Unrestricted funds Restricted funds 334,960 163,966 498,926 Support costs Support costs Governance costs 2024 2023 Staff costs Insurance utilities Repairs Administration Bank fees l.T. and computer costs Other aclivity costs 13,482 10,888 49,889 18,148 6,438 546 80 1,182 13,482 10,888 49,889 18,148 6,438 546 80 1,182 13,530 10,237 40,801 49,877 7,077 436 803 Audit and accountancy 1,200 1,200 1,100 100.853 1,200 101,853 123,661 Analysed beeen Charitable activities 100,653 1,200 101,853 123,661 11
HOLYWOOD PARISH CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Net movement In funds 2024 2023 The net movement in funds is stated after chargingl(crediting)-. Fees payable for the independent examination of the charity's financial ststements 1,200 1,100 Select Vestry's remuneratlon and expenses The sts'pendiary Cl8rgy receive stipends for their duties In the church and are ex-offlcio members of Select Vestry. None of the Select Vesiry (or any persons connected with them) received any remunaratlon or beneffts during the year. Employees The average monthly number of 8mployees during the year was: 2024 Number 2023 Number Employment costs 2024 2023 Vvages and salari8S Social security costs Other pension costs 160,673 8,681 19,552 119,698 5,824 14,763 188,906 140,283 There were no employees whose annual remuneration was more than £60,000. 10 Taxatlon The charity is exempt from taxation on its activities because all its income 15 applied for charitable purposes. 12-
HOLYWOOD PARISH CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Tanglble fixed assets Land and buildings Fixtures, fittings & equlpmont Total Cost At 1 January 2024 66,520 10,000 76,520 At 31 December 2024 66,520 10,000 76,520 Depreclatlon and Impalmiont At 1 January 2024 10,000 10,000 At 31 December 2024 10,000 10,000 Carrylng amount At 31 December 2024 66,520 66,520 At 31 December 2023 66,520 68,520 12 Debtorn 2024 2023 Amounts falllng due wlthln one year: Prepayments and accrued Income 13,063 17,363 13 Currnnt asset Investments 2024 2023 Investments 5,306 5,468 14 Net galnsl(105ses) on Investments Unrestrlcted funds Total 2024 2023 Revaluation of investments (162) (116) 13-
HOLYWOOD PARISH CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Creditors: amounts falling due wlthln one year 2024 2023 Other creditors Accruals and deferred income 34,356 37,360 32,905 36,195 71,716 69,100 16 Retlr•m•nt beneflt 8chemo8 2024 2023 Deflned contrlbutlon schem•8 Charge to profit or loss in raspect of defined contrlbution schemes 19,552 14,763 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. 17 Restrlcted funds Movement In funds Income Expondlture BalanGo at 1 January 2024 Balance at 31 Decèmber 2024 Misslon - Kkalwe Mission - Asha Church organ refurbishment fund Choristers fund Social welfare fund 3,348 4,086 9,568 3,095 13,257 35,518 6,683 3,472 1836) {13,273) (44,629) 1888) (1.397) 5,607 4,070 457 5,795 2,075 17,002 62,025 (61.023) 18,004 14-
HOLYWOOD PARISH CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Deslgnated funds Movern8nt in funds Incomo Expendlturo Balance at 1 January 2024 Gains and lo$se$ Balance at 31 December 2024 Special projects Other designated funds General unrestricted fund$ 206.965 35.355 104.848 206,965 35,355 108,967 384,884 (380,603) (162) 347.168 384,884 (380.603) (162) 351,287 The unrestricted gen8ral funds represent the free funds of the charlty vthich are not designated for particular purposes. As these may be for future projects or projects that will last for more than one year the Select Vestry have decided to designate funds for future commitments. Such funds are not restricted funds by nature. 19 Analysls of net assets between funds Unrestrlcted Restrlcted funds funds 2024 2024 Total 2024 Fund balances at 31 December 2024 are represented by.. Tangible assets Current assetsl{liabilities) 86,520 284,767 66,520 302,771 18,004 351,287 18,004 369,291 20 Rolated party transaetlons There were no disclosable related paty transactlons during the year {2023 - none). 21 Cash absorbed by operations 2024 2023 Surplusl{deficitl for the year 5,121 164,236) Adjustments for: Investment income recognised in statement of financial activities Fair value gains and losses on investments 116,866) 162 (19,144) 116 Movements in worklng capltal: Decreasel(increasel in debtors Increase in creditors 4,300 2,616 {5,355) 1,904 Cash absorbed by operations (4,667) (86,715} 15-