Glencraig Parish Church Statement of Financial Activities Year ended 31 December 2022 Unrestricted Funds 2022 Restrlcted Funds 2022 Total 2022 Total 2021 Income and endowments from: Donations & legacies Charitable actfvities Other income Investments 80.328 616 4,173 129 1,019 300 5,200 iio 81,347 7,116 9.373 239 100,261 408 21,832 143 Totsl Income and endowments 91,446 6,629 98,075 122,644 Expendlture on: Charltable activities 108,346 4,067 112,413 120,777 Total Expendlture 108,346 4,067 112,413 120,777 Net IExpendlture)/lncome (16.) 2,562 114,338) 1,867 Reconclllatlon of funds: Total funds brought forward 126,549 655,330 78179 780,012 Totsl funds carrled forward io 109,649 657,892 767,541 781,879 All Income and expendlture derlves from contlnulng actlvities.
Glencraig Parish Church Balance Sheet As at 31 Deomber 2022 2022 2021 Flxed Assets Tanglble assets 635,000 635,000 Current Assets Investments with RCB Cash at bank and in hand 20,440 116,651 137.091 20,330 130,633 150,963 Credltors: amounts falllng due wlthln one year 4550 4,084 Net Current Assets 132,541 146,879 Net Assets 767.541 781,879 Charlty Fund$ Restrlcted funds Unrestricted funds li li 65791 109,649 655,330 126,549 Total ¢harlty funds 767,541 781,879 Igl¥l. y3 These flnanclal statements were approved and authorlsed for Issue by the Trustees on ...,...... ... and slgned on It5 behalf by:" Rev Catherine Simpson Rector James Douglas- reasurer The notes on pages 10 to 16 form an integral part of these flnancial statements. 10
Glencraig Parlsh Church Notes to the flnancial statements Year ended 31 December 2022 l. Summary of slgnlficant accountlng polldes The prlncipal accounting policies adopted, Judgements and key sources of estimation uncertainty in the preparation of the financlal statements are as follows: a) General Informatlon and basls of preparatlon Glencraig Parlsh Church, is a charity and is part of the registered charlty, Holywood/Glencralg/Holv Trinity/Down & Dromore/Church Of Ireland which registered with The Charity Commission for Northern st Ireland on 21 April 2015. The address of the registered office Is 6 Seahill Road, Holywood, County Down, BT18 ODA. The nature of the charlvs operations and principal actlvltles are the advancement of rellglon. Holywood/Glencralg/Holy Trlnlty/Down & Dromore/Church Of Ireland, a charltable trust Is constituted under a trust st deed dated 21 April 2015. Holywood/Glencr?iglHoly Trinity/Down & Dromorelchurch Of Ireland constltutes a publlc benefit entlty as deflned by FRS 102. Statement of Com Ilance The flnancial statements have been prepared in accordance wlth Accounting and Reportlng by Charlties: Statement of Recommended Practice appllcable to charitles preparlng their accounts In accordance wlth the Flnanclal Reportlng Standard appllcable in the UK and Republic of Ireland IFRS 1021, the Flnanclal Reportlng Standard appllcable in the United Kingdom and Republic of I reland {FRS 1021, the Charities Act (Northern Ireland) 2008, The Charltles (Accounts and Reports) Regulations (Northern Ireland) 2015 and UK Generally Accepted Practice as It applies from l January 2015. The flnancial statements have been prepared on the going concern basls under the hlstorical cost conventlon, modifled to Include certaln Items at falr value. The financial statements are presented In sterllng whlch Is the functional currency of the charity and rounded to the nearest £1. The slgnlflcant accountlng pollcles applled in the preparation of these financlal statements are set out below. These policles have been consistently applled to all years presented unless otherwlse stated. b) Preparatlon of accounts on a golng concern basls The Parlsh generally meets Its day to day workin8 capltal requirements from Its annual Income. The Trustees have obtained and revlewed cash flow forecasts for the comin8 year and based on these are satlsfied 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 flnancial statements have been prepared on a going concern basls. 11
Glencraig Parish Church Notes to the financial statements (contlnued) Year ended 31 December 2022 c) Income Where incoming resources have related expenditure las with fundraising income) the incoming resources and related expenditure are reported gross in the Statement of Flnancial Activities. Voluntary Income, Standing Orders, Plate Collections and Weekly Envelopes are accounted for on a cash recelpts basis as the amount Is receivable. Income arising from the rental of Parlsh Halls to third parties Is recognised when the parish has entitlement to the funds, any performance conditions attached to the income have been met, It 15 probable that the Income will be received and the amount can be measured reliably. Income from government and other 8rants, whether 'capltal' grants or 'revenue' grant5, Is recognised when the charlty has entltlement to the funds, any performance conditions attached to the grants have been met, it Is probable that the Ineomg will be recelved and the amount can be measured rellably and Is not deferred. Legacles are Included wlthln Income under elther unrestrlcted or restrlcted funds accordlng to the terms under whlch the donatlon Is made and when the amount Can be quantified with reasonable certainty. Donatlons and 81fts In klnd are brought Into the accounts at thelr falr value to the Parlsh where thls can be quantlfled. The value of servlces provlded by volunteers has not been included In these accounts. Investment Income Is included when receivable. d) Expendlture Expendlture is recognised on an accruals basis once there is a legal or constructive obligatlon to make a payment to a third party, it Is probable that settlement will be required and the amount of the obligation can ba measured reliably. Irrecoverable VAT Is char8ed as a cost against the activity for whlch the expendlture was Incurred. The charity contrlbutes to a dèfined contribution pension scheme on behalf of certain employees. The assets of the scheme are held separately from those of the charity In an independently adrnlnistered fund and contributions are charged to the Statement of Flnancial Activities in the period to whlch they relate. e) Tanglble assets The assets of the Parlsh comprlse:. Church Bulldlng and Grounds Parish Hall Rectory The Church Bullding and Grounds are deemed to be Heritage assets as defined by the Charities SORP IFRS102). These Heritage assets are not included on the balance sheet as Information on the cost or valuatlon is not available and such inft)rmation cannot be obtained at a cost commensurate with the benefit tothe users of the accounts and to the parish. The Parish Hall is situated beside the Church building. As a result, this building is not recognised in the parish balan sheet. 12
Glencraig Parish Church Notes to the flnanclal statements (continued) Year ended 31 December 2022 The Rectory Is recognised at Its deemed market value. No depreciation has been provided on the propertles as the current estimated residual value is not less than It's carrylng value and the remaining useful Ilfe currently exceeds 50 years. fj Funds Funds are classified as either restricted funds or unrestrlcted funds, defined as follows. Restricted funds are funds subject to speciflc requirements as to their use which may be declared by the donor or wlth their authorlty or created through legal processes, but still within the wider objects of the Parish. Endowment funds are funds which have been glven on the condltlon that the original capital sum Is not dUCed, but the Income there from Is used for the purpose deflned In accordance wlth the objects of the Parlsh. Unrestricted funds are expendable at the dlseretion of the trustees in furtherance of the objects of the charity. If parts of the unrestrlcted funds are earmarked at the discretion of the trustees for a partlcular purpose, they are designated as separate fund. Thls deslgnation has an adminlstratlve purpose only and does not legally restrlct the tru5tees' discretion to apply the fund. gl Crltlcal accountlng Judgements and e$tlmatlon uncertalnty Estimates and judgments made In the process of preparlng the flnanclal statements are continually evaluated and are based on hlstorical experience and other factors, Including expectatlons of future events that are belleved to be reasonable under the circumstances. The Trustees do not consider that there are any crltical judgments made In applyln8 the Parish's accountin8 policies or that there are any critical accounting estimates or assumptlons which may have significant risk of causing a material adjustment to carrying amounts of assets and Ilabllltles wlthln the next flnancial year, 2. Donatlons and le8acles Unrestrlcted Funds 2022 Restrlrted Funds 2022 Total 2022 Total 2021 Weekly envelopes / FWO & collections Tax recovered on donations Legacles 58.056 16.668 1,019 59,075 16,668 45,203 11,981 43,077 100,261 80,328 1,019 81,347 13
Glencralg Parlsh Church Notes to the ftnanclal statements (continued) Year ended 31 December 2022 3. Charltable actlvltles Unrestrlcted Funds 2022 Restrlcted Funds 2022 Total 2022 Total 2021 Fundraising Lunches & caterlng Lenten & Harvest challenge Parish organisations 6,558 300 658 158 75 40 135 408 258 6.816 258 7.116 4. Other Income Unrestrlcted Funds 2022 Restrlcted Funds 2022 Total 2022 Total 2021 Board of Education RCB grants TBF Thompson 8rant Covld-19 Charities grant Rent 2,663 1.510 2,663 4,210 2,500 1,332 2,700 20,000 500 21,832 4,173 5,200 9,373 Investment Income Unrestrlcted Funds 2022 Restrlcted Funds 2022 Total 2022 Total 2021 Bank interest Other interest- RCB Dividend Income 13 iio iio 129 239 129 129 129 143 iio 14
Glencraig Parish Church Notes to the flnanclal statements (contlnued) Year ended 31 December 2022 Analysls of Expendlture Unrestrlcted Funds 2022 Restrlcted Funds 2022 Total 2022 Total 2021 Charltable Artlvltles Clergy stipend & salarles Diocesan assessment Vlcarage expenses Heat, light & insurance Church repairs & maintenance Car park fence Hall expenses Coronavlrus expenses Ministry expenses Admlnlstratlon expenses Independent examinerf5 fee Other accountancy fees Other professlonal expenses Bank fees & Interest Sundry expenses Charltable donatlons Garden of remembrance expenses Lunches & caterlng Parish organisatlon expenses 56,369 11,016 1.956 8.982 5,594 3,230 1,922 715 349 6,737 792 276 2.500 S869 11,016 1,956 8.982 5,594 3.230 1,922 715 897 6,737 792 276 54,510 8,628 1,668 5,838 25,193 1,792 5,294 6,655 780 237 357 1,876 6,507 357 1,876 7,526 334 1,747 7,975 1,019 213 155 213 155 126 Totsl expendlture 108,346 4,067 112,413 120,777 7. Taxatlon Glencraig Parish Church is reeo8nlsed as a charity for the purposes of applicable taxatlon leglslatlon and Is therefore not subject to taxation on its charitable activitles. 15
Glencraig Parish Church Notes to the flnanclal statements (continued) Year ended 31 December 2022 Analysls of staff costs. trustee remuneratlon and expenses, and the co# of key management personnel 2021 2021 Stipend and salaries 50A57 49,826 Total 80A57 49,826 The average number of employees durlng the year, calculated on the basis of a head count, was as follows: 2022 Nurnber 2021 Number Minlsterial staff There are no employee5 In recelpt of employee beneflts In excess of £60,000 Key Management and Trustees Key management are deemed to compr15e the Trusteè5. No trustee or a person related to a trustee had any personal Interest In any contract or transactlon entered Into by the charity during the year. 9. Tanglble flxed assets Offlce Equlpment Bulldlngs Total Cost At l January 2022 Additions Dlsposals At 31 December 2022 635,000 635,000 635.000 635,000 The cost of the rectory and the related grounds are stated at its deemed marketvalue. As noted in the accounting policle5, the Church building and Parish Hall are deemed to be heritage assets and have not been included in the balance sheet total. 16
Glencraig Parish Church Notes to the flnanclal statements Icontlnued) Year ended 31 December 2022 10. Analysls of Net Assets Among Funds General Restrlcted Total Fixed Assets Current Assets Net assets at 31 December 2022 635,000 22,892 657,892 635,000 132,541 767,541 109,649 109.649 11 Funds movement 31 December 2022 l January 2022 Income Expendlture Transfers General fund Bulldin8 fund Mlnistry & mlsslon fund Total unrestrlrted funds 63,309 23,240 40,000 126,549 85,421 6,025 1103,7031 13,230) 11,413) 108,3461 45,027 26,035 38,587 109,649 91,446 General RCB- Mind Matters Mlnlstry & mlsslon fund Property fund Monies held wlth RCB Total restrlrted funds 1,519 2,500 2,500 11,2191 13481 {2,5001 300 2,152 635,000 20,330 655,330 635,000 20,440 657.892 iio 6,629 4,067 Totsl fundg 781A79 98,075 {112,413) 767.541 31 December 2021 l January 2021 Income Expendlture Transfers General fund Building fund Ministry & mlssion fund Totsl unrestrlcted funds 49,707 34,976 40,000 124,683 121,676 {108,074) 111,736) 63,309 23,240 40,000 126.549 121,676 (119,810) General Property fund Monies held with RCB Totsl restricted funds 967 (967) 635,000 20,329 655,329 635,000 20,330 655,330 19671 Total funds 780,012 122,644 (120,777) 781,879 17