St Mary's Parish Church, Ballybeen Statement of Financial Activities Year ended 31 December 2023 Unrestrirted Funds 2023 Restrlcted Funds 2023 Total 2023 Total 2022 Note Income and endowments from: Donations & legacies Charitable activities Other trading activitie5 Investments 195,387 22,538 41 20 3,292 500 198,679 23,038 41 20 186,482 23,554 69 Total Income and endowments 217,986 3,792 221,778 210,107 Expenditure on: Charltable activities 176,589 3,976 180,565 178,488 Total Expendlture 562,467 3,976 180,565 178,488 Net Income/{Expenditurel 41,397 11841 41,213 31,619 Transfers between fund5 Net movement in funds 41,397 11841 41,213 31,619 Reconclllation of funds.. Total funds brought forward 1162,1191 61,876 {100,243) 1131,8621 Total funds carrled forward 1120,722) 61,692 159,030) 1100,2431 All income and expenditure derives from continuing activitie5. St Mary's Parish Church, Ballybeen Balance Sheet As at 31 December 2023 Note 2023 2022 Flxed assets Tangible assets 60,000 60,000 Current assets Cash at bank and in hand 40,511 23,817 Creditors: amounts falllng due wlthin one year io 22,000 21,500 Net current a55ets 18,511 2,317 Total assets less Current Ilabllltles 78,511 62,317 Credltors: amounts falling due after more than one year li 137,541 162,560 Net liabilities {59,030) 1100,2431 Charity Funds Restricted funds Unrestricted funds 12 12 61,692 1120,7221 61,876 1162,1191 Total charity funds 159,030) 1100.2431 The financial stateinenls wei'e appi'oved and oiiihoi'ised foi. issiie by the Select Vesli'y on 12 Api'il 2024 - LJ. Ci_ Rev J Cheshire KIGQQ epK Rev N Gordon 10 St Mary's Parish Church, Ballybeen Notes to the flnanclal statements Year ended 31 December 2023 l. Summary of slgnlflcant accounting policies The principal accounting policies adopted, Judgements and key sources of estimation uncertainty in the preparation of the financlal statements are as follows: al General information and basis of preparatlon 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 th Commission for Northern Ireland on 20 February 2015. The address of the registered office is given in the charity information on page l 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 th deed dated 20 February 2015. Dundonald/Ballybeen/St Mary/Down & Dromore/Church Of Ireland constitutes a public benefit entity as defined by FRS 102. Statement of Com liance The financlal 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 IFRS 1021, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act (Northern Ireland) 2008, The Charities (Accounts and Reports) Regulations INorthern Ireland) 2015 and UK Generally Accepted Practice as it applies from l 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. bl 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) Preparatlon of accounts on a going concern basis The Parish generally meets its day to day working capital requirements from its annual income. The Trustee5 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. St Mary's Parish Church, Ballybeen Notes to the flnancial statement5 Icontlnuedl Year ended 31 December 2023 d) Tangible assets The assets of the Parish compri5e-_ Church Building and Grounds Parish Hall Rectory The Church Building and Grounds are deemed to be Heritage assets as defined by the Charities SORP IFR51021. 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 c05t 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 fund5 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 pu rpose 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. fl Critical accountlng 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 assurnptions which may have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial vear. 12 St Mary's Parlsh Church, Ballybeen Notes to the financlal statements {contlnuedl Year ended 31 December 2023 2. Donatlons and le8acles Unrestricted Funds 2023 Restricted Funds 2023 Total 2023 Total 2022 Weekly envelopes / FWO & collections Tax recovered on donations Donations 154,294 29,796 11,297 195,387 154,294 29,796 14,589 198,679 134,177 26,739 25,566 186,482 3,292 3,292 3. Charltable actlvltles Unrestricted Funds 2023 Restrlcted Funds 2023 Total 2023 Total 2022 Fundraising Subscriptions Grants 990 4,701 16,847 22,538 990 4,701 17,347 23,038 1,073 3,773 18,708 23,554 500 500 4. Other tradlng actlvitles Unrestricted Funds 2023 Restricted Funds 2023 Total 2023 Total 2022 Sale of used clothing/dishcloths 41 41 69 41 41 69 5. Investment income Unrestrlcted Funds 2023 Restrlcted Funds 2023 Total 2023 Total 2022 Bank interest 20 20 20 20 13 St Mary's Parish Church, Ballybeen Notes to the financlal statements lcontlnuedl Year ended 31 December 2023 6. Analysis of Expendlture Unrestrlcted Funds 2023 Restricted Funds 2023 Total 2023 2022 Charltable Activltie5 Wages and salaries Diocesan assessment Church building programme Repairs & maintenance Cleaning expenses Rates & water charge5 Heat and light Rectory expenses Insurance Equipment Office expenses Charitable donations Outreach expense5 Materials for Church/groups Minibus expenses Professional expenses Loan interest Other expenses Coronation party expenses Expenses of Church groups & club5 77,275 11,424 77,275 11,424 73,219 11,544 12,782 1,981 6,211 613 12,878 3,140 3,565 2,010 5,857 15,310 1,768 3,271 2,270 1,975 10,239 2,176 12,268 6,003 559 13,206 3,111 3,885 418 2,529 13,868 2,130 3,747 1,435 12,268 6,003 559 13,206 3,111 3,885 418 2,529 16,880 2,584 3,747 1,435 3,012 454 14,074 3,131 14,074 3,141 500 7,526 io 500 7,526 7,679 Total expenditure 176,589 3,976 180,565 178,488 7. Taxatlon St Mary's Parish Church, B311ybeen is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities. 14 St Mary's Parish Church, Ballybeen Notes to the financlal statements Icontlnuedl Year ended 31 December 2023 8. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel 2023 2022 Salaries and wages 77,275 73,219 Total 77,275 73,219 The average number of employees during the year, calculated on the basis of a head count, was as follows: 2023 Number 2022 Number Ministerial staff Adminlstration Youth worker 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 2023 the values approved by General Synod and implemented by the Select Vestry of St Mary's Parish Church, Ballybeen for the financlal year wa5 Rector £37,428 £6,132 £800 £834 £7,797 Stipend Locomotory Expenses Expenses of Office Allowance Mileage expenses Pension contribution A company. of which one of the trustees is a director, received £17612022.. £2901 for the Supply of printing and mailing services to the charity during the year. The trustees have contributed a total of £48,097 to St Mary's Parish Church, Ballybeen in 202312022.. £37,712). 15 St Mary's Parish Church, Ballybeen Notes to the financial statements (continued) Year ended 31 December 2023 Tangible fixed assets Office Equipment Bulldings Total Cost At l January 2023 Addition5 Disp05als At 31 December 2023 60,000 60,0000 60,000 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. 10. Creditors: amounts falling due within one year 2023 2022 Bank loan5 22,000 21,500 11. Creditors: amounts falling due after more than one year 2023 2022 Bank loan5 137,451 162,560 The charity has obtained a IS year unsecured loan from Ulster Bank in order to fund Church building renovations 12. Analysis of net assets among funds General Restrlcted Total Fixed Assets Current Assets Creditors falling due after more than one year Net liabilities at 31 Dec 2023 60,000 1,692 60,000 18,511 1137,5411 {59,0301 16,819 1137,5411 1120,722) 61,692 16 St Mary's Parish Church, Ballybeen Notes to the flnanclal statements Icontlnuedl Year ended 31 December 2023 13. Going concern At the balance sheet date, the charity had net liabilities of £59,03012022.' £100,243). The deficit on the Unrestricted reserves at the year end was £120,72212020'. £162,119}. The charity continues to pay off an unsecured loan from Ulster Bank. The total amount due at the year end was £159,45112022: £184.060}. 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. 17