Glencraig Parish Church Statement of Financlal Activities Year ended 31 December 2023 Unrestrrrted Funds 20Z3 Restricted Funds 2023 Total 2023 Total 2022 Note Income and endowments from: Donations & legacies Charitable activities Other income Revaluation of assets Investments 61,333 13.890 1,332 62,139 13,890 3,832 10,000 1,002 81,347 7,116 9,373 4a 4b 2,500 10,000 648 354 239 Total Income and endowments 76,￿9 13,954 90,863 98,075 Expenditure on: Charitable activities 110,797 5,760 116,557 112,413 Total Expenditure 110,797 5,760 116,557 112,413 Net {Expenditure)/lncome (33.888) 8,194 125,694) 114,3381 Reconclliation of funds: Total funds brought forward 109,649 657,892 767,541 781,879 Total funds carrled forward io 75.761 666,086 741,847 767,541 All income and expenditure derives from continuing attivities, Glencraig Parlsh Church Balance Sheet As at 31 December 2023 Note 2023 2022 Fixed Assets Tangible assets 645,000 635,000 Current Assets Investments with RCB Cash at bank and in hand 21,088 75,761 96,849 20,440 116.651 137,091 Credltors: amounts falling due wlthin one year 4,550 Net Current Assets 96,849 132,541 Net Assets 741,849 767,541 Charlty Funds Restricted funds Unrestricted funds li li 666,088 75,761 657,892 109.649 Total charlty funds 741,849 767,541 These financial statements were approved and authorised for issue by the Trustees on 1110312024 and signed on its behalf by'.- Rev Catherine Simpson- R ctor Tony Gre Treasurer The notes on pages 11 to 17 form an integral part of these financial statements. 10 Glencraig Parish Church Notes to the flnanual statements Year ended 31 De￿rnber 2023 l. Summary of significant accountlng policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are a5 follows: a) General Informatlon and basls of preparation Glencraig Parish Church, is a charity and is part of the registered charity, Holywood/Glencraig/Holy Trinity/Down & Dromore/Church Of Ireland which registered with The Charity Commission for Northern Ireland on 21" April 2015. The address of the registered office is 6 Seahill Road. Holywood, County Down, BT18 ODA. The nature of the charivs operations and principal artivitie5 are the advancement of religion. Holywood/Glencralg/Holy Trinity/l)own & Dromore/Church Of Ireland, a charitable trust is constituted under a trust deed dated 21, April 2015. Holywood/Glencral81HolyTrinitYlDown & Dromore/Church Of Ireland constitutes a public benefit entity as defined by FRS 102. Statement of Com liance The financial statements have been prepared in accordance with Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act INorthern Ireland) 2008, The Charities (Accounts and Reports) Regulations (Northern 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 sterlin8 which 15 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 policie5 have been consistently applied to all years presented unless otherwise stated. b) Preparatlon of accounts on a golng concern basis Following the revaluation of assets the deficit of £35,692 in 2023 reduced to £25,692. At year end the Parish had cash reserves of £75,761, and restritted reserves of £21,088 held by RCB for building work. The Trustees have reviewed the budgets for the year ahead and are satisfied that there are sufficient funds in place to ensure that the Parish can continue its activities. The Trustees are looking into mitigation to redress the situation for the future. Glencraig Parish Church Notes to the flnancial statements (continued) Year ended 31 December 2023 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 Financial Artivities. Voluntary Income. Standing Orders, Plate Collettions and Weekly Envelopes are accounted for on a cash receipts basis as the amount is receivable. Income arising from the rental of Parish 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 is probable that the income will be received and the amount can be measured reliably. Income from government and othergrants, whether'capital, grants or'revenue, grants, is recognised when the charity has entitlement to thefunds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Legacies are included wlthln Income under either unrestricted or restricted funds according to the terms under which the donation is made and when the amount can be quantified with reasonable ￿rtaIntY. Oonation5 and gift5 in kind are brought into the accounts at their falr value to the Parish where this can be quantlfled. The value of services provided by volunteers has not been included in these accounts. Investment income is included when receivable. d) Expendlture Expenditure is recognised on an accruals basis once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliablv. Irrecoverable VAT Is charged as a cost against the activity for which the expenditure was incurred. The charity contributes to a defined contribution pension scheme on behalf of certain employees. The assets of the scheme are held separately from those of the charity in an independently administered fund and contributions are charged to the Statement of Financial Activities in the period to which they relate. e) Tangible assets The assets of the Parish comprise:_ Church Building and Grounds Parish Hall Rectory Car Park The Church Building and Grounds are deemed to be Heritage assets as defined by the Charities SORP {FRS1021. 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 situated beside the Church building. As a result, this building is not recognised in the parish balance sheet. 12 Glencraig Parish Church Notes to the financial statements {continued) Year ended 31 December 2023 The Rettory is recognised at its deemed market V31ue. No depreciation has been provided on the properties as the current estimated residual value is not less than its carrying value and the remaining useful life currently exceeds 50 years. f) 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. Unrestrirted funds are expendable at the discretion of the trustees in furtherance of the objerts 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 fLsnd. This designation has an administrative purpose only and does not legally restrict the trustees, discretion to apply the fund. g) Critical accountlng Judgements and estlmatlon uncertalnty 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 crltical Judgments made in applying the Parish's accounting policies or that there are any critical accounting estimates or assumptions which may have a signiflcant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year. Donatlons and legacles Unrestrlrted Restrlrted Funds Funds 2023 2023 Total 2023 Total 2022 Weekly envelopes / FWO & collections Tax recovered on donations Legacies 45,9% 15,087 250 61,333 46,802 15,087 250 62,139 59,075 16,668 5,604 81,347 13 Glencraig Parish Church Notes to the financlal statements (continued) Year ended 31 December 2023 Charitable actlvltles Unrestrlrted Restricted Funds Funds 2023 2023 Total 2023 Total 2022 Fundraising Lunches & catering Lenten & Harvest challenge Parish organisations 4,149 4.149 6,858 8,255 1,486 13,890 8,255 1,486 13,890 258 7,116 4a Other income Unrestrlcted Funds 2023 Restricted Funds 2023 Total 2023 Total 2022 Board of Education RCB grants TBF Thompson grant 1,332 1,332 2,663 4,210 2,500 9,373 2,500 2,500 3,832 1,332 4b Revaluation of a55ets Unrestrlcted Restrlcted Funds Funds 2023 2023 Total 2023 Total 2022 Car Park 10,000 10,000 5. Investment intome Unrestricted Fund5 2023 Restricted Funds 2023 Total 2023 Total 2022 Bank interest Other interest- RCB Dividend income 221 221 648 133 1,002 648 iio 129 239 133 354 648 14 Glencraig Parish Church Notes to the flnancial statements (continued) Year ended 31 December 2023 6. Analysis of Expenditure Unrestrlcted Funds 2023 Restricted Funds 2023 Total 2023 Total 2022 Charitable Activities Clergy Stipend & salaries Diocesan assessment Vicarage expenses Heat, light & insurance Church repairs & maintenance Car park fence Hall expenses Coronavirus expenses Ministry expenses Administration expenses Independent examiner's fee Other accountancy fees Other professional expenses Bank fees & interest Sundry expenses Chaf Itable donations Garden of remembrance expenses Lunche5 & catering Parish organisation expenses 68,155 11,892 2,500 70,655 11,892 58869 11016 1956 8982 5594 3230 1922 715 897 6737 792 276 900 357 1876 7526 400 213 155 9,581 9,581 4,800 1,688 1,688 705 6,714 816 820 862 363 1,359 500 705 6,714 816 820 862 363 3,811 1,308 2,452 519 17 519 17 Total expendlture 110,797 5,760 116,557 112,413 Taxation Glencraig Parish Church is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subjett to taxation on its charitable activities. 15 Glencraig Parish Church Notes to the financial statements (continued) Year ended 31 December 2023 Analysis of staff costs, trustee remuneratlon and expenses. and the cost of key management personnel 2023 2022 Stipend and salaries 67,402 50,857 Total 70.655 50,857 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 Outreach Worker There are no employees in receipt of employee benefits in excess of £60,000 Key Manogement and Trustees Key management are deemed to comprise the Trustees. No trustee or a person related to a trustee had any personal interest in any contrart or transaction entered into by the charity during the year. Tanglble flxed assets Office Equipment Bulldin8S Car Park Total Cost At l January 2023 Additions Disposals At 31 December 2023 635,C(JO 635,000 10,000 10,000 635,(KKI 10,000 645,000 The cost of the rectory and the related grounds are stated at its deemed market value. The cost of the car park is Stated at its deemed market value. As noted in the accoLsntinE policies, 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 financial statements (continued) Year ended 31 December 2023 10. Analysls of Net Assets Among Funds General Restrirted Total Fixed Assets Current Assets Net a55ets at 31 December 2023 645,000 21,088 666,088 645,000 96,849 741,849 75.761 75,761 11 Funds movement l January 2023 31 December 2023 Income Expendlture Transfers General fund Building fund Ministry & mission fund Total unrestricted funds 45,027 26,035 38.587 109,649 76,910 1101,145) 20,792 26,035 28,934 75,761 19.653 {110,798 76,910 General RCB- Mind Matter5 Ministry & mission fund Property fund Monies held with RCB Total restricted funds 300 2,152 806 111061 12.1521 12.5001 2,500 10,000 648 13,954 635,000 20,440 657,892 645,000 21,088 666,088 15,758) Total funds 767,541 90,864 1116.556) 741,849 l January 2022 31 December 2022 Income Expenditure Transfers General fund 8uildingfund Ministry & mission fund Total unrestricted funds 63,309 23,240 40,000 126,549 85,241 6,025 1103,7031 13,2301 11,4131 (108,346) 45,027 26,035 38,587 109,649 91,446 General RCB- Mind Matters Ministry & mission fund Property fund Monies held with RCB 1,519 2,5(KJ 2,5C(J (1,2191 1348) 12,500) 3C 2,152 635,000 20,330 635,000 20,440 657,892 iio Total restricted funds 655,330 6,629 (4,067) Total funds 781,879 98,075 (112,413) 767,541 17