Charity nurnber NIC102187 St Elizabeth's Parish Church Financial statements for the year ended 31 December 2022 St Elizabeth's Parish Church Church information Select Vestry Members Dr. Tomas Adell Rev. Tim Anderson Johnny Beare Chris Caves Dr. Thomas Dowling Trevor Hollinger Keith MU￿aY Ruth Murray Rev. Thomas Murray Jayne Poole Colin Sloan Lynn Logan Shane Caldwell Chairnian (Co-oped) Church Glebe Warden Church Warden Peoples Glebe Warden (Co-oped) Secretary Church Administrator Ruth Murray Charity nuniber NIC102187 Independent Examiners MTS Prior Mcmahon 104-108 Frances Street Newtownards Co. Down BT23 7DY Church address Church Green Dundonald Belfast BT16 2LP Bankers Ulst¢r Bank 112 Kings Square Kings Road Belfast BT5 7EA St Elizabeth's Parish Church Contents Page Statement of Select Vesty Responsibilities Independent Examiners, Report Statement of Financial Activities Balance sheet Cash flow statement Notes to thc fmancial statements 8-25 St Elizabeth's Parish Church Statement of Select Vestry's responsibAlities for the year ended 31 December 2022 The Select Vestry are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and regulations. Law applicable to Charities in Northern Ireland Tequires the Select Vesty to prepare financial statements for each financial period which give a true and fair view of the Church's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements. the Select Vestry ar¢ required to: (a) select suitable accounting policies and then apply them consistendy. (b) make judgements and estimates that are Teasonable and prndent; (c) stat¢ whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the fillancial statements. (d) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Church will continue it's activxties. The Select Vesty are responsible for maintaining proper accounting r¢cords which disclose with reasonable accuracy at any time the financial position of the Church and to enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2008. They have general responsibtlity for taking such steps as are reasonably open to them to safeguard the assets of the Church and to prevent and detect fraud and other ittegularities. By order of th¢ Select Vesty no Chairyerson 6 July 2023 Page I St Elizabeth's Parish Church Independent examiners, report to the members of St Elizabeth's Parlsh Church We report on the f￿anCIal statements of St Elizabeth's Parish Church for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet and the relatsd notes. These financial statements have been prepared under the accounting policies set out therein. Respective responsibilities of trustees and the examiner As described in the Statement of Select Vestry Responsibilities the Select Vestry are responsible for preparing the accounts in accordance with the Charities Act (Northem Ireland) 2008. It is our responsibility to.. (a) Examine the accounts under section 65 of the Charities Act (b) Follow the procedures laid down in the general Directions given by the Commission under section 65(9)(b) of the Charities Act (c) State whether particular matters have come to our attention. Basis of independent examiners, report We have examined your charity accounts as rcquircd undcr section 65 of the Charities Act and our examination was carried out in accordance with the general Dir¢ctions given by thc Charities Commission for Northern Ireland undcr section 65(9){b) of the Charities Act. Our examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items oi- disclosures in the accounts, and seeking explanations from you as charity trustecs concerning any such matters. The procedures undcrtaken do not provide all the evid¢nce that would be required in an audit and consequently no opinsion is given as to whethcr the accounts present a "true and fair view" and the report is limited to those matters set out in th¢ statement below. Our role is to state whethcr any material matters have come to our attention giving us Causc to beli¢v¢: l. That accounting records were not kept in accordance with section 63 of the Charities Act 2. That the accounts do not accord with those accounting records 3. That the accounts do not comply with the accounting requirements of the Charities Act 4. That there is further infomiation needed for a proper understanding of the accounts to be reached. Page 2 St Elizabeth's Parish Church Independent examiners, report to the members of St Elizabeth's Parish Church continued Independent examiners, statement We have compketed our examination and have no concerns in respect of the matters (l ) to (4) listed above and, in connection with followkng the Directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention. P Armstrong (FCA) MTS Prior Mcmah Chartered Accountants 104-108 Frances Street Newtownards Co. Down BT23 7DY 6 July 2023 Page 3 o In In o Cn O r4 rry* oNNmNp4 C+ [4[)￿ ￿ z￿ St Elizabeth's Parish Church Balance sheet as at 31 December 2022 2022 2021 Notes Fixed a￿ts Tangible assets 4,922 1.011,470 Debtors General Fund Bank Accounts Property Fund Bank Accounts 300 12,475 50,529 300 38.448 44,143 63.304 82,891 Creditors: amounts falling due within one year (6.437) (6.148) Net current a&qets 56,867 76.743 Total assets current liabilities 61,789 1,088,213 Net assets 61.789 1.088.213 Capital and reserv£s Unrestricted funds Restiicted funds 12 13 (69,867) 131.656 (43,794) 1,132.007 61,789 1.088,213 The financial statements were approved by the Select Vesty on 6 July 2023 and signed on its behalf by Tim Anderson Chairperson Jayne Poole Secretary The notes on pages 8 to 25 form an integral part of these financial statements. Page 6 St Elizabeth's Parish Church Cash flow statement for the year ended 31 December 2022 2022 2021 Notes Net fincomel(expenditure) for the reporting period (as per the SOFA) Depreciation charges Increase in creditors (1,026,424) 3,636 289 {7,610) 26,858 1,955 Net cash (used in}Iprovided by operating activities (1,022,499) 21,203 Cash flow statement Net cash (used in)/provided by operating activities Capital expenditure (1.022.499) 1,002,912 21,203 10 (Decrease)IDecrease in cash in the year (19,587) 21,203 {Decrease)IDecrease in cash in the year Net funds at l January 2022 (19,587) 82,591 21,203 61,388 Net funds at 31 December 2022 11 63,004 82,591 Page 7 St Elizabeth's Parish Church Notes to the financial statements for the year ended 31 December 2022 Accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: Basis of preparation The financial statements have been prepared on a going concern basis in accordance with Accounting and Reporting by Charities: Statement of Recommended Piactice 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 Staudard applicable in the UK and Republic of Ireland (FRS 102). The Parish meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initÉally recognised at historical cost and transaction value unless otherwise stated in the relevant accounting policy note(s)- 1.2. Preparation of accounts on a going Concern basis The Parish g¢n¢rally meets its day to day working capital iequirements from its annual incotn¢. The Select Vestry have obtained and revkewed casbflow forecasts for the coming year and based on these are satisfied that thc Parish has resources to provide a reasonable expectation that it can continue to meet its financial obligations as they fall due for th¢ forseeable future. Theiefore these financial statcments have been prepared on a going concern basis. 1.3. Fund accounting Funds are classified as either rcstricted fl￿dS or unrestricted funds, defmed as follows.. Unrestrict¢d funds are gencral funds which are available for use at the discretion of the Vestry in furtherance of the g¢n¢ral objectives of the Church and have not been designated for other puKpos¢s. Restricted ￿ndS are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Church for particular purposes. The cost of raising and administering such funds are charged against funds raised. Page 8 St Elizabeth's Parish Church Notes to the financial statements for the year ended 31 December 2022 continued Incoming resources All incoming resources are included in the statement of financial activities when the church is legally entitled to the income and the amount can be quantified with reasonable accuracy. For legacies, entitlement is the earlier of the church being notified of an impending distribution or the legacy being received. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities ar¢ included at the value to the church where this can be quantified and a third party is bearing the cost. No amounts are includcd in the financial statements for services donated by volunteers. Due to the nature of the donated income, such income is not capable of control by the ChuTCh. However, financial controls ale in place to ensure accurat¢ recording and safeguarding of all income received by the Church. Investment income is recognised on a received basis. 1.5. Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Costs of generating funds are those costs incurred in attracting voluntary income and thosc incurred in trading activities that raise funds. Govcrnance costs include those En¢u￿¢d in the governance of its assets and are primarily associated with constitutional and statutory requirements. Page 9 St Elizabeth's Parish Church Notes to the financial statements for the year ended 31 December 2022 continued 1.6. Tangible fixed assets and depreciation The assets of the Parish ¢omprise'.- Church building and welcome area Halls Rectory Curate's house Equipment The Church Building and halls are deemed to be Heritage assets as defined by the Charities SORP (FRS 102). These Heritage assets are not included on the balance sheet as infomiation 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 welcome area new build which was built in 2014 is recognised at cost and depreciated on a straight line basis over 50 years. Equipment És recognised at cost, and are depTe¢iated on a straight line basis over 5 years. According to the schedule of insuranc¢, the following values have bcen attributed to the properties (however values have not been verifled by an independant qualified valuer): Church hall buildings & contents Buildings of Curatage Building of Rectory Misc buildings Church and contents 1,883,087 168,542 466,018 57.947 4,021,361 1.7. The Charity Commission for Northern Ireland St Elizabeth's Parish Church is now registered as a charity with the Charity Commission for Northern treland - registration numb¢r NIC 102187. Page 10 o co 0 In c co YJvAo*cocoo ¥0 CJ y) o ca L) N o rJ i) e4 XTJ 4p1 Pl ri r*l- I c¢ ￿ in Tri In In * eth Yt P- C¢ In In 05 O C4 ¢J ￿ IC ty O ( en * co r4 rA o c t O cn 00 c Ko ¢¢ c o- Ef r-tr4C fs r ¢) 4> ¢0￿￿<0_V￿C O KQ O c 00 ill" c￿0 IQQ>*kKIU C tx) I tn ¢n J v ery bn rA o c<1 e4 yj m m en O I I Iiii Tr4 Tr4 C c 1 ft4 mo)00 ocloo J*0 cmo QU > rrJ(4 u o 00 o o < Ifi Q Q St Elizabeth's Parish Church Notes to the financial statements for the year ended 31 December 2022 continued Tangible fixed assets Church Equlpment Total Cost At l January 2022 Disposals 1,159,529 (1,159,529) 85,254 1,244,783 (1,159,529) At 31 December 2022 85,254 85,254 Depreciation At l January 2022 On disposals Charge for the year 156,617 (156,617) 76,696 233,313 (156,617) 3,636 3,636 At 31 December 2022 80,332 80.332 Iyet book values At 31 December 2022 4,922 4,922 At 31 December 2021 1,002,912 8,558 1,011,470 Debtors 2022 2021 Prepayments and accrued income 300 300 Creditors: amounts falling due Ivithin one year 2022 2021 Trade creditors Other creditors Accruals and deferred income 995 82 5,360 2,620 710 2,818 6,437 6,148 Related party transactions No related paty transactions took place during the year. Page 23 St Elizabeth's Parish Church Notes to the financial statements for the year ended 31 December 2022 continued 10. Gross cash flows 2022 2021 Capital expenditure Payments to acquire tangible assets Receipts from sales of tangible assets (i) 1,002,912 1,002,912 (i) ii. Analysis of changes in net funds Opening balance Cash flows Closing balance Cash at bank and in hand 82,591 (19,587) 63,004 Net funds 82,591 (19,587) 63,004 12. Unrestricted funds 2022 2021 At start of year Surplus/(Deficit) for the year Transfer to Mission Fund Transfer to DCT Youth Work (43,795) (18,429) (1,000) (6,643) (44,772) 1.978 (1,000) At end of year (69,867) (43,794) Page 24 D LY