St Mary’s Parish Church, Ballybeen
Statement of Financial Activities
Year ended 31 December 2022
| Note Income and endowments from: Donations & legacies 2 Charitable activities 3 Other trading activities 4 Investments 5 Other income 6 Total Income and endowments Expenditure on: Charitable activities 7 Total Expenditure Net Income/(Expenditure) Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted Funds 2022 £ 179,335 46,520 - 554 - 226,409 562,467 562,467 (335,058) - (336,058) 141,229 (194,829) |
Restricted Funds 2022 £ 1,146 - - - - 1,146 955 955 191 - 191 62,776 62,967 |
Total 2022 £ 180,481 46,520 - 554 - 227,555 563,422 563,422 (335,867) - (335,867) 204,005 (131,862) |
Total 2020 £ 164,065 23,773 42 1,705 20,881 |
|---|---|---|---|---|
| 210,466 266,688 |
||||
| 266,688 | ||||
| (56,222) - |
||||
| (56,222) 260,227 204,005 |
All income and expenditure derives from continuing activities.
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St Mary’s Parish Church, Ballybeen
Balance Sheet
| As at 31 December 2022 Note Fixed Assets Tangible assets 10 Current Assets Cash at bank and in hand Creditors: amounts falling due within one year 11 Net Current Assets Total assets less current liabilities Creditors: amounts falling due after more than one year 12 Net (Liabilities)/Assets Charity Funds Restricted funds 13 Unrestricted funds 13 Total charity funds |
2022 £ 60,000 34,749 13,880 20,869 80,869 212,731 (131,862) 62,967 (194,289) (131,862) |
2020 £ 60,000 |
|---|---|---|
| 164,005 | ||
| 20,000 | ||
| 144,005 | ||
| 204,005 - |
||
| 204,005 | ||
| 62,776 141,229 |
||
| 204,005 |
The financial statements were approved and authorised for issue by the Select Vestry on 28[th] September 2023
Rev J Cheshire
Rev N Gordon
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St Mary’s Parish Church, Ballybeen
Notes to the financial statements
Year ended 31 December 2022
1. Summary of significant accounting policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a) General information and basis of preparation
St Mary’s Church Parish Church, Ballybeen is a charity and is part of the registered charity, Dundonald/Ballybeen/St Mary/Down & Dromore/Church Of Ireland which registered with The Charity Commission for Northern Ireland on 20[th] February 2015. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are the advancement of religion.
Dundonald/Ballybeen/St Mary/Down & Dromore/Church Of Ireland, a charitable trust is constituted under a trust deed dated 20[th] February 2015.
Dundonald/Ballybeen/St Mary/Down & Dromore/Church Of Ireland constitutes a public benefit entity as defined by FRS 102.
Statement of Compliance
The financial statements have been prepared in accordance with 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 Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2008, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and UK Generally Accepted Practice as it applies from 1 January 2015.
The financial statements have been prepared on the going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
b) Basis of financial statements
As the total income of the congregation is less than £250,000 the Trustees have elected in accordance with the provisions in The Charities (Accounts and Reports Regulations (Northern Ireland) 2015 to prepare its accounts on a receipts and payments basis.
c) Preparation of accounts on a going concern basis
The Parish generally meets its day to day working capital requirements from its annual income. The Trustees have obtained and reviewed cash flow forecasts for the coming year and based on these are satisfied that the Parish has resources to provide a reasonable expectation that it can continue to meet its financial obligations as they fall due for the foreseeable future. Therefore, these financial statements have been prepared on a going concern basis.
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St Mary’s Parish Church, Ballybeen
Notes to the financial statements (continued)
Year ended 31 December 2022
d) Tangible assets
The assets of the Parish comprise:-
-
Church Building and Grounds
-
Parish Hall
-
Rectory
The Church Building and Grounds 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 parish.
The Parish Hall is attached to the Church building. As a result, this building is not recognised in the parish balance sheet
The Rectory is recognised at its original cost. No depreciation has been provided on the properties as the current estimated residual value is not less than it’s carrying value and the remaining useful life currently exceeds 50 years.
e) Funds
Funds are classified as either restricted funds or unrestricted funds, defined as follows.
Restricted funds are funds subject to specific requirements as to their use which may be declared by the donor or with their authority or created through legal processes, but still within the wider objects of the Parish.
Endowment funds are funds which have been given on the condition that the original capital sum is not reduced, but the income there from is used for the purpose defined in accordance with the objects of the Parish.
Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are earmarked at the discretion of the trustees for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose only and does not legally restrict the trustees’ discretion to apply the fund.
f) Critical accounting judgements and estimation uncertainty
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.
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St Mary’s Parish Church, Ballybeen
Notes to the financial statements (continued)
Year ended 31 December 2022
2. Donations and legacies
| Weekly envelopes / FWO & collections Tax recovered on donations Donations Legacy Loan misclassified in previous year aritable activities Fundraising Subscriptions Grants |
Unrestricted Funds 2022 £ 137,814 30,375 10,686 460 - 179,335 |
Restricted Funds 2022 £ - - 1,146 - - 1,146 |
Total 2022 £ 137,814 30,375 11,832 460 - 180,481 |
Total 2020 £ 134,462 18,885 20,718 - (10,000) |
|---|---|---|---|---|
| 164,065 | ||||
| Unrestricted Funds 2022 £ 770 978 44,772 46,520 |
Restricted Funds 2022 £ - - - - |
Total 2022 £ 770 978 44,772 46,520 |
Total 2020 £ 1,429 1,345 20,999 23,773 |
3. Charitable activities
4. Other trading activities
| Sale of used clothing/dishcloths estment income Bank interest |
Unrestricted Funds 2022 £ - - Unrestricted Funds 2022 £ 554 554 |
Restricted Funds 2022 £ - - Restricted Funds 2022 £ - - |
Total 2022 £ - - Total 2022 £ 554 554 |
Total 2020 £ 42 42 Total 2020 £ 1,705 1,705 |
|---|---|---|---|---|
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|---|---|
|5.|Investment income|
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St Mary’s Parish Church, Ballybeen
Notes to the financial statements (continued)
Year ended 31 December 2022
| 6. Other income Covid 19 Charity grant 7. Analysis of Expenditure Charitable Activities Wages and salaries Diocesan assessment Church building programme Repairs & maintenance Rates & water charges Heat and light Insurance Equipment Office expenses Charitable donations Children’s & Youth work Outreach expenses Materials for Church/groups Minibus expenses Professional expenses Loan interest Other expenses Belfast Homeless costs Expenses of Church groups & clubs Total expenditure |
Unrestricted Funds 2022 £ - - Unrestricted Funds 2022 £ 63,678 12,288 424,275 5,411 405 4,753 3,411 4,741 6,226 14,860 516 2,122 4,409 2,261 516 4,946 4,659 310 2,680 562,467 |
Restricted Funds 2022 £ - - Restricted Funds 2022 £ - - - - - - - - - 924 - - - - - - 31 - - 955 |
Total 2022 £ - - Total 2022 £ 63,678 12,288 424,275 5,411 405 4,753 3,411 4,741 6,226 15,784 516 2,122 4,409 2,261 516 4,946 4,690 310 2,680 563,422 |
Total 2020 £ 20,811 20,811 2020 £ 56,610 11,213 153,081 4,641 407 3,103 3,595 1,144 3,956 15,325 485 114 7,406 270 504 - 1,540 1,601 1,693 266,688 |
||
|---|---|---|---|---|---|---|
8. Taxation
St Mary’s Parish Church, Ballybeen is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities.
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St Mary’s Parish Church, Ballybeen
Notes to the financial statements (continued)
Year ended 31 December 2022
9. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
| Salaries and wages Total |
2022 £ 63,678 63,678 |
2020 £ 56,610 |
|---|---|---|
| 56,610 |
The average number of employees during the year, calculated on the basis of a head count, was as follows:
| Ministerial staff Administration Youth worker |
2022 Number 1 1 1 3 |
2020 Number 1 1 1 |
|---|---|---|
| 3 |
There are no employees in receipt of employee benefits in excess of £60,000
Key Management and Trustees
Key management are deemed to comprise the Trustees. The Parish did not pay any expenses relating the running costs of the Rectory (apart from rates) which is occupied by the rector. One trustee, the Rector, received remuneration during the year.
For the year 2022 the values approved by General Synod and implemented by the Select Vestry of St Mary’s Parish Church, Ballybeen for the financial year was
| Rector | |
|---|---|
| Stipend | £33,336 |
| Locomotory Expenses | £6,541 |
| Expenses of Office Allowance | £800 |
| Mileage expenses | £49 |
| Pension contribution | £6,945 |
A company, of which one of the trustees is a director, received £1,445 (2020: £653) for the supply of printing and mailing services to the charity during the year.
The trustees have contributed a total of £35,936 to St Mary’s Parish Church, Ballybeen in 2022 (2020: £37,168).
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St Mary’s Parish Church, Ballybeen
Notes to the financial statements (continued)
Year ended 31 December 2022
10. Tangible fixed assets
| Cost At 1 January 2022 Additions Disposals At 31 December 2022 |
Buildings £ 60,000 - - 60,000 |
Office Equipment £ - - - - |
Total £ 60,0000 - - 60,000 |
|---|---|---|---|
The cost of the rectory is stated at its original cost. As noted in the accounting policies, the Church building and Parish Hall are deemed to be heritage assets and have not been included in the balance sheet total.
11. Creditors: amounts falling due within one year
| 2022 | 2020 | |
|---|---|---|
| £ | £ | |
| Bank loans | 13,880 | - |
| Other loans | - | 20,000 |
| ------------------------- | -------------------------- | |
| 13,880 | 20,000 | |
| ==================== | ==================== | |
| 12 Creditors: amounts falling due after more than one year | ||
| 2022 | 2020 | |
| £ | £ | |
| Bank loans | 192,731 | - |
| Other loans | 20,000 | - |
| ------------------------- | -------------------------- | |
| 212,731 | - | |
| ==================== | ==================== |
The charity has obtained a 15 year unsecured loan from Ulster Bank in order to fund the Church building renovations
13 Analysis of Net Assets Among Funds
| Fixed Assets Current Assets Creditors falling due after more than one year Net assets/(liabilities) at 31 Dec 2022 |
General £ - 17,902 (212,731) (194,829) |
Restricted £ 60,000 2,967 - 62,967 |
Total £ 60,000 20,869 (212,731) (131,862) |
|---|---|---|---|
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St Mary’s Parish Church, Ballybeen
Notes to the financial statements (continued)
Year ended 31 December 2022
- 14 Going concern
At the balance sheet date, the charity had net liabilities of £131,682 (2020: net assets of £204,005). The deficit on the Unrestricted reserves at the year end was £194,829 (2020: net assets of £141,229).
During the year, the charity has continued its programme to upgrade the Church buildings, with the amount spent in 2022 totalling £424,275 (2020: £153,081). As noted in note 12, the charity has received an unsecured loan from Ulster Bank, repayable over a 15 year term. The Trustees have reviewed its cash flow forecasts and are satisfied that the charity will be able to continue to meet the loan repayments in the foreseeable future. As a result, the Trustees believe that the charity continues to meet the criteria to be treated as a going concern.
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