Glencraig Parish Church Statement of Flnanclal Artlvitie$ Year ended 31 December 2024 unStrICted Funds 2024 Restrirted Funds 2024 Total 2024 Total 2023 Income and endowments from: Donations & le8acie5 Charitable activities Other income Revaluation of assets Investments 82,784 7,975 82,892 8,735 2,565 62,139 13,890 3,832 10,000 1,002 760 2,565 1,085 750 I35 Total Income and endowments 91,844 4,183 %.027 90,863 Expendlture on: Charltable activlties 111,486 1.096 112,582 116,557 Total Expendlture 111.486 Im6 112.582 116,557 Net (Expendlture)/lncorne 119,642) 387 {16,5551 {25,694) Reconclllatlon of funds: Total fund5 brou8ht forward 75,761 666,088 74149 741,849 Total funds carrled forward li 56,119 669,175 725,294 716,155 All Income and expendlture derlves from contlnulng actlvltles.
Glencrai8 Parlsh Church Balance Sheet As at 31 December 2024 Note 2024 2023 Flxed Assets Tangible assets io 645,000 645,000 Current Assets Investments with RCB Cash at bank and in hand 21,838 58,456 80,294 21,088 75,761 96,849 Net Current Assets 725,294 96,849 Net Agsets 725.294 741,849 Charlty Funds Restrlcted funds Unrestrlcted funds 12 12 669,175 56,119 666,088 75,761 Total charlty funds 725,294 741,849 These financlal statements were approved and authorlsed for Issue by the Trustees on ....., and signed on Its behalf by:" Rev Catherine Simpso Rector Tony Greg8- Honorary Treasurer The notes on pages 3 to 9 form an Integral part of these financlal statements.
Glencraig Parlsh Church Notes to the flnanclal statements Year ended 31 December 2024 l. Summary of $18nlficant accountlng pollcles The prlncipal accounting policies adopted, judgements and key sources of estimation uncertalnty in the preparatlon of the flnanclal statements are as follows.. a) General Informatlon and basls of preparatlon Glencralg Parlsh Church, Is a charity and is part of the reglstered charity, Holywood/Glencraig/Holy 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 OOA. The nature of the charity's operatlons and prlnclpal activities are the advancement of religion. Holywood/Glencraig/Holy TrlnltylDown & Dromore/Church Of Ireland, a charltable trust is constltuted under a trust st deed dated 21 April 2015. Holywood/Glencraig/Holy Trinity/Down & Dromore/Church Of Ireland constitutes a publlc beneflt entity as defined by FRS 102. Statement of Com Ilance The financial statements have been prepared In accordance wlth Accountln8 and Reporting by Charltles: Statement of Recommended Practice applicable to charities preparlng thelr accounts In accordance wlth the Flnancial Reportlng Standard applicable in the UK and Republlc of Ireland IFRS 1021, the Flnancial Reportlng Standard appllcable In the United Kingdom and Republic of I reland {FRS 1021, the Charlties Act (Northern Ireland) 2008, The Charltles {Ac¢ounts and Reports) Re8ulations (Northern Ireland) 2015 and UK Generally Accepted Practlce as Ft applles from l January 2015. The flnanclal statements have been prepared on the going concern basls under the hlstorleal cost conventlon, modlfled to Include certaln Items at falr value. The flnancial statements are presented in sterlln8 which is the functional currency of the charity and rounded to the nearest £1. The signiflcant accounting pollcies applied In the preparation of these flnanclal statements a set out below, These policies have been consistently applied to all years presented unless otherwise stated. bl Preparatlon of accounts on a goln8 concern ba$ls The Parish generally meets its day to day working capttal requirements from its annual Income. The Trustees have obtalned and reviewed cash flow forecasts for the coming year and based on these are satisfled 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 bas15.
Glencraig Parlsh Church Notes to the financial statements (contlnued) Year ended 31 December 2024 c) Income Where incoming resources have related expenditure {as with fundraising income) the incoming resources and related expenditure are reported gross in the Statement of Financia l Activities. Voluntary Income, Standing Orders, Plate Collectlons and Weekly Envelopes are accounted for on a cash receipts 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 is probable that the income will be recelved and the amount can be measured reliably. Income from Bovernment and other grants, whether 'capital' grants or 'revenue' grants, is rerognised when the charity has entitlement to the funds, any performance conditions attached to the 8rants have been met, It is probable that the Income wlll be received and the amount can be measured rellably and is not deferred. Legacles are included wlthin Income under elther unrestricted or restricted funds accordlng to the terms under whlch the donatlon Is made and when the amount can be quantified wlth reasonable certalntv. Donatlons and glfts In klnd are brought into the accounts at thelr falr value to the Parlsh where thls can be quantlfled. The value of services provlded by volunteers has not been included In these accounts, Investment income is included when recelvable. d) Expendlture Expenditure Is recognlsed 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 obllgation can be measured reliably. Irrecoverable VAT Is charged as a cost agalnst the actlvlty for whlch the expendlture was Incurred. The charity contrlbutes to a deflned contribution pension scheme on behalf of certain employees, The assets of the scheme are held separately from those of the charlty in an independently administered fund and contributions are charged to the Statement of Flnanclal Actlvltles In the perlod to whlch they relate. e) Tanglble assets The assets of the Parish comprise... Church Buildlng and Grounds Parish Hall Car Park Rectory The Church Building and Grounds are deemed to be Heritage assets as defined by the Charities SORP IFRS1021. These Heritage assets are not included on the balance sheet as information on the cost or valuation is not available and such informatlon 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 balance sheet.
Glencraig Parish Church Notes to the flnanclal statements Icontinued) Year ended 31 December 2024 The Rectory is recognised at its deemed market value No depreciation has been provided on the properties as the current estimated resldual value Is not less than IYS carrying value and the remalnln8 useful life currently exceeds 50 years. f) Funds Funds are classlfied as either restrlcted funds or unrestricted funds, deflned as follows. Restrlcted funds are funds subject to specific requirements as to their use which may be declared by the donor or with thelr authority or created through legal processes, but still within the wider objects of the Parlsh. Endowment funds are funds which have been given on the condition that the ori8Snal capital sum is not reduced, but the income there from Is used for the purpose defined in accordance wlth the objects of the Parish. Unrestrlctèd 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. Thls designation has an administrative purpose only and does not legally restrict the trustees, discretion to apply the fund. g) Crltlcal accountlng Judgements and estlmatlon uncertalnty Estimates and Judgments made In the process of preparing the flnancial statements are contlnually evaluated and are based on hlstorlcal experlence and other factors, Includlng expectatlons of future events that are belleved to be reasonable under the clrcumstances. The Trusteès do not consider that thore a re any critical judgment5 made in applying the Parish's accounting pollcles or that there are any critlcal accountln8 estlmates or assumptlons which may have a slgnlflcant rlsk of causlng a materlal adjustment to carryln8 amounts of assets and liabilities within the next financial year. 2. Donatlons and legacles Unrestrlrted Funds 2024 Restrlcted Funds 2024 Total 2024 Total 2023 Weekly envelopes / FWO & collections Tax recovered on donations Legacies 67,604 13,680 67,712 13,680 1,500 82,892 46,802 15,087 250 62,139 82,784
Glencralg Parish Church Notes to the financial statements (continued) Year ended 31 December 2024 3. Charitable actlvltles Unrestrlcted Funds 2024 Restrlcted Funds 2024 Total 2024 Total 2023 Fundraising Lenten & Harvest challenge Parish organisations 472 5,679 1,824 7,975 760 1,232 5,679 I24 8,735 4,149 8,255 1,486 13,890 760 4 Other Income Unrestrlrted Funds 2024 Restrlcted Funds 2024 Total 2024 Total 2023 Board of Educatlon RCB grants TBFThompson grant Mlndmatters 1,225 1.225 1,332 2,500 1,250 2,565 1,250 2,565 3,832 Revaluatlon of assets Unrestrlcted Funds 2024 Restrlrted Funds 2024 Total 2024 Total 2023 Car park 6 Investment Income Unrestrlcted Funds 2024 Restrlcted Funds 2024 Total 2024 Total 2023 Bank interest Other interest- RCB Dividend income 941 941 750 144 1,835 221 648 133 1,002 750 144 1,085 750
Glencraig Parlsh Church Notes to the financlal statements (continued) Year ended 31 December 2024 Analys1$ of Expendlture Unrestrlcted Funds 2024 Restrlcted Funds 2024 Total 2024 Total 2023 Charltsble Artlvitles Cler8V Stipend & salaries Diocesan assessment Vicarage expenses Heat, light & Insurance Church repalrs & maintenance Hall expenses Mlnistry expenses Adminlstration expenses Independent examlnerfs fee Other accountancy fees Other professional expenses Bank fees & Interest Sundry expenses Charitable donatlons Lunches & catering Parish or8anisatlon expenses 67,927 12,696 2,396 10,655 6,711 1,458 366 67,927 12,696 2.396 10.655 6,711 IA58 366 5,789 70,655 11,892 2,006 9,581 4,800 1,688 705 6,714 816 820 862 363 3,811 1,308 519 17 126 602 602 374 1,952 iio 576 374 2,162 870 576 210 760 Total expendlture 111,486 1,096 112,582 116,557 8 Taxatlon Glencralg Parlsh Chtjrch Is recognlsed as a charity for the purposes of appllcable taxation legislation and Is therefore not subject to taxatlon on Its charitable activities.
Glencrai8 Parish Church Notes to the flnanclal Statements (contlnued) Year ended 31 December 2024 9 Analysls of staff costs, trustee remuneratlon and expenses, and the cost of key management personnel 2024 2023 Stipend and salaries 67,927 70,655 Total 67,927 70,655 The average number of employees during the year, calculated on the basls of a head count, was as follows: 2024 Number 2023 Number Ministerial staff Outreach worker (until August 2024} There are no employees in racelpt of employee benefits in excess of £60,000 Key Munagernent ond Trustees Key management are deemed to comprlse the Trustees. No trustee or a person related to a trustee had any personal Interest in any contract or transaction entered into by the charity during the year. 10 Tanglble flxed assets Offlce Equlpment Bulldlngs Car Park Total Cost At l January 2024 Additlon5 Disposals At 31 December 2024 635.0(Kl 10,000 645,000 635,000 lo,0 The cost of the rectory and the related 8rounds are stated at its deemed market value. The cost of the car park is stated at its market value. 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.
Glencraig Parlsh Church Notss to the financlal statements Icontinued) Year ended 31 December 2024 11 Analysls of Net Assets Among Funds General Restrlrted Total Flxed Assets Current Assets Net assets at 31 December 2024 645,000 24,511 669,511 645,000 80,294 725,294 55,783 55.783 12 Funds movement l January 2024 31 December 2024 Income Expendlture Transfers Generdl fund Buildin8 fund Mlnistry & mlssion fund Total unrestrlcted funds 20,792 26,035 28,934 75,761 91,844 (103,2781 9,358 26,035 20,726 56,119 18,2081 111,486 91.844 Genèral RCB- Mind Matters Board of Educatlon Property fund Monies held with RCB Total restrlcted funds 958 1,250 1,225 (760) 1210) 1126) 198 1,040 1,099 645,000 21,838 669,175 645,000 21,088 666,088 750 (1,096) Total funds 741,849 96,027 {112,582) 725,294 l January 2023 31 December 2023 Income Expendlture Transfers General fund Building fund Minlstry & misslon fund Total unrestrlcted funds 45,027 26,035 38,587 109.649 76,910 {101,145) 20,792 26,035 28,934 75,761 19,653) 110,798) 76,910 General RCB- Mind Matters Ministry & Mission Fund Property fund Monies held with RCB Total restrlcted funds 300 2,152 806 {1,1061 {2,1521 {2,500) 2,500 10,000 648 13.954 635,000 20,440 657.892 645,000 21,088 666,088 5,758) Total funds 767.541 9064 (116,556) 741.849