Magheradroll Parish Church Annual report and financial statements For the year ended 31 December 2022 Charities Number: NIC 102537
Annual report and financial statements for the year ended 31 December 2022 Contents Pages References and administrative details Trustees, Annual Report Independent auditors, report to the Trustees Statement of financial artivities 10 Balance sheet 11 Statement of cash flows 12 Notes to the financial statements 13-21
Magheradroll Parish Church ReferenS and administrative details Charity Name: Magheradroll Parish Church Charity Registration Number: NIC 102537 Contact Address: 18 Church Street Ballynahinch Co Down 8T24 8LP Trustees David Clarke, Ralph Dickey, Geoffrey Jennings, Lynn Jennings, James Jess Harold Jess, Marion Hamilton, Michael Kcw Kenneth Montgomery, Robert Montgomery Kenneth McLoughli Canon Warren Russell, Rosemary Saunders William Slater (Hon. Secretary) David Smyth (Hon. Treasurer) Roy Young. Principal Office-bearers Clergy: Canon Warr¢n Russell Honorary Trcasurer: David Smyth Honorary Sccretary: William Slater Glebe Warden- Clergy . Roy Young Glebe Warden- People . Robert Montgomery Independent Auditor or Examiner
Mr George Mcmaster 16 Blacks Road Ballynahinch BT24 8UT Bankers Danske Bank Saintfield
Trustees. Annual Report for the year ended 31 December 2022 The trustees present the annual report and accounts for Magheradroll Parish Church for the year ended 31 December 2022. Objectives and Artivities The charitable purpose of the Church of Ireland is the advancement of religion. The principal function of Magheradroll parish Church is to support the advancement of the Christian religion by promoting, through the work of the Magheradroll Parish Church the whole mission of the Church, pastoral, evangelistic, social and ecumenical. Being open to and engaging with society as a whole and offering support for those needing help are fundamental to the practical delivery of the benefits of Christianity. As a result of activity in the pursuit of the advancement of the Christian religion, Magheradroll Parish Church has custody of property and of records, materials and artefacts of significance to the cultural and religious heritage and maintenance of which is undertaken by the select vestry of Magheradroll Parish Church. Achlevements, Performance & Publlc Beneflt Worship takes place on Sunday mornings every week providing a mix of traditional services and informal Family Services contributing to the spiritual well-being of participants and the reinforcement of Christian values. Pastoral Care is provided to ill parishioners in hospital and nursing homes, baptism of infants, marriage services, and burials of members in the adjoining churchyard in accordance with rules and guidelines issued by the dioscesan office. Sunday school is provided on Sunday mornings in the church Hall catering for children from Kindergarten age up to young teens. The Parish supports financially the work of the cross-community Edge Youth Club in the Town Centre. We receive weekly donations of food item from parishioners for the town food bank. Parish Bowling clubs (Indoor and Outdoor) and badminton clubs are welcoming to all sections of the community. Members of the parish serve on the Board of Governors of Local schools as our Transferor Representatives. A child protection policy is in place in accordance with the C of I Safeguarding Trust requirements and in recent years safety in the Hall has been improved by the provision of fireproof doors and new fire exit signage. Looking beyond our own community we raise funds for Christian Aid and have a link through Church Mission Society (CMS Ireland) with the Diocese of Madi West Nile.
Uganda. The parish also makes annually in December an allocation of approx 5% of our Income to a range of missions and charities. In all these various ways we believe we are fulfilling our charitable purpose and seeking to benefit the wider community in Ballynahinch. Flnancial Review Magheradroll Parish Church's policy on reserves is to keep money aside as a reserve to protect it against drops in income and allow it to take advantage of new opportunities. The reserves can be spent on any of Magheradroll Parish Church's aims. Golng Concern The trustees have reviewed the budgets for the year ahead and are satisfied that there are adequate funds in place to ensure that the Parish can continue its activities and the financial statements for the year end 2023 can be signed off as a going concern. Structure, Governance and Management Governing Document and Constftutlon of the Charlty Chapter111 of the Constitution of the Church of Ireland governs Parishes and Parochial Organisation. The Select Vestry members are the Charity Trustees Recrultment and Appointment of Selert Vestry All members of the Church of Ireland who are over the age of 18 and are either resident within the parish or live elsewhere but have been accustomed members of the congregation for at least three months, may register as members of the general vestry of the parish, allowing them to attend and vote at meetings of the general vestry and to stand for election to the select vestry. Meetings of the general vestry are held at least once a year. The Select Vestry is elected as part of this General Vestry meeting. The Select Vestry will hold their positions for a period of one year. Select Vestry members may be re-elected annually and there is no limit on the number of terms which may be served
Pay and remuneration The Rector receives a stipend in accordance with figures approved by the General Synod of the Church of Ireland. Oryanisational Strurture The select vestry is responsible for the day to day management of the parish. The select vestry consists of the Rector, the glebe wardens and generally not more than twelve other members of the general vestry elected at the General Vestry. The select vestry is chaired by the Rector and assisted by the Honorary Secretary and the Honorary Treasurer. Select vestry members are responsible for making decisions on matters of general concern and importance to the parish including deciding how parish funds are to be applied. Standing items on the agenda for each meeting include Finance and matters relating to property. The select vestry meets on the first Tuesday of every month. No meetings take place in July and August with special meetings may be convened at any time by the Honorary Secretary. In 2022 the Select Vestry met 9 times during the year with the April meeting being the annual Easter Vestry gathering . The average attendance was 71.5% Statement of Trustees, Responsibilities The trustees are responsible for preparing the Trustees, Report and the flnancial statements in accordance with applicable law and regulations. The law applicable to charities in the Northern Ireland requires the trustees to prepare financial statements for each financial year. Under that law the trustees have prepared the financial statements in accordance with Generally Accepted Accounting Practice in the United Kingdom {accounting standards issued by the Financial Reporting Council in the UK , including Charities SORP (FRS 102) ' 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 (FRS 102) "and promulgated by the Institute of Chartered Accountants in the United Kingdom and United Kingdom Law) Under that law the trustees must not approve the financial statements unless they
are satisfied that they give a true and fair view of the state of the affairs of the charity and of the statement of financial activities of the charity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; make judgments and estimates that are reasonable and prudent state whether the financial statements have been prepared in accordance with applicable Accounting Standards and identify the standards in question , subject to any material departures being disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Parish will continue as a going concem. The trustees are responsible for keeping accounting records that are sufficient to show and explain the Parish's transactions and disclose with reasonable accuracy at any time the financial position of the Parish and enable them to ensure that the financial staternents comply with the Charities Act {Northern Ireland) 2008, the Charity (Accounts and Reports) Regulations (Northern Ireland) 2008 and the provision of the Constitution of the Church of Ireland. They are also responsible for safeguarding the assets of the Parish and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Independent Auditorfs / Examiners Report to the Trustees of Magheradroll Parish Church Opinion on the Financial Statements In my opinion the Financial Statements= give a true and fair view of the state of Magheradroll Parish Church financial 5t affairs as at the 31 December 2022 and of the Parish's incoming resources and application of resources for the year then ended; have been properly prepared in accordance with the Charities Act (Northern Ireland) 2008, the Charity {Accounts and Reports) Regulations (Northern Ireland) 2008 and the provision of the Constitution of the Church of Ireland. Matters on which l am required to report by exception I have nothing to report in respect of the following matters where the Trustee's requires us to report to you if, in my opinion the information given in the Annual Report is inconsistent in any material respect with the financial statements: or sufficient accounting records have not been kept: or the financial statements are not in agreement with the accounting records and returns: or I have not received all the information and explanations I require for the review. George Mcmaster 16 Blacks Lane Ballynahinch BT24 8UT rd 3 October 2023
Statement of Financial Activities for the Year Ended 31st December 2022 Unrestrirted Restrlrted Endowment Funds Funds Funds 2022 202Z Total 2022 Total 2021 Income Donations & legacies Other trading actiwties Investments Charitable activities Other income 105,617.26 4,013.IXI 11)3.630.26 85,734.51 6.928.30 6,928.30 7,032.04 6.299.84 6,299.84 22136.39 1,510.(K) 1.510.(KI Total Ineorne 120,355.40 4,013.(X) 124,368.40 119,902.94 endlture on: Generating Charftable artivities Other Total Ex 88,917.20 11513. I(K),430.20 90,069.47 ndlture 88.917.20 11,513.(X) ICX),430.20 90,069.47 Net Incomel (Expendlture) before transfers 31,438.20 .7,5(h).cM) 23,938.20 29,833.47 Transfers between funds Net Income/ (Expendlture) before other recognlsed galns and losses 31,438.20 .7,51X).(KI 23,938.20 29,833.47 Gain/lLoss) on investments assets Net movement In funds 31.438.20 .7,5(M). 23,938.20 29,833.47 Reconclllatlon of funds: Total funds brought forward 152.124A4 14,643.59 195950.35 362,718.78 332,885.31 Total furHIs carrled forward 183.$63X 7.14359 195.95035 386.656.98 361718.78 10
Statement of Flnancial Position l(Balance Sheet) as at 31st Decambar 2022 Note 2022 2021 Fixed Assets Tangible Fixed Assets Investment Properties Investments Total fixed assets 2,329,671 2,329,671 289,161 2.618.832 340,931 2.670.602 Current Assets Debtors Cash and cash equivalents Totsl current assets 5,622 92,774 98.396 4,669 22,045 26,714 Credltors - amounts falling due wlthin one year Bank Loans Total creditors 900 4926 Net Current Assets 97,496 21.788 Total net Assets 2 716 328 2 692 390 The funds of the parish Unrestricted funds General funds Designated funds Total unrestricted fvnds Restricted Funds Endowment Funds Capital Funds Total charfty funds 183,563 152,125 183,563 7.144 195,950 2329671 2 716 328 152,125 14,644 195,950 2329671 2.692 390 The notes on pages 12 to 28 are an integral part of these financial statements. The financial statements on pages 9 to 11 were approved by the Board of Trustees on Tuesday 17 April 2023 and signed on its behalf by: Canon Russell Rector Mr David Smyth Honorary Treasurer 11
Statement of Cash Flows for the year ended 31" December 2022 Total funds 2022 Total funds 2021 Cash flows from operating actlvities: Net cash pmvided by (used Inj opernting artfvltles Cash flows from investing activities: Dividends, interest and rents from investments Proceeds from the sale of property, plant and equiprnent Purchase of property, plant and equipment Proceeds from sale of investments Purchase of investments 12,659 7,039 6,300 22,136 Net cash pmvlded by (used in) investlng artivities Cash flows from financing activities: Repayments of borrowing Cash inflows from new borrowing Receipt of endowment 6,300 22,136 Net cash provided by (used injfinancing artivities Change in cash and cash equivalents In the reporting perfod Cash and cash equivalents at the beginning of the reporting period Change in cash and cash equlvalents due to exchange rate movements 18,959 29,175 362,976 333,801 Cash and cash equivalents ot the end of the reporting perlod 381,935 362,976 12
Notes to the financlal ststements for the year ended 31° December 2022 l. Accountlng policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: a) 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 Prattice 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 Standard applicable in the UK and Republic of Ireland (FRS 102). The Parish meets the definition of a public benefft entity under FRS 102. Assets and liabilities are initially recognised at historical cost and transaction value unless otherwise stated in the relevant accounting policy note. b) Preparatlon of accounts on a going concern basls The Parish generally meets its day to day working capital requirements from its annual income. The Trustees 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 c} Income Plate Collections, Weekly Envelopes and Graveyard income are accounted for on a cash receipts basis as the amount is collected. Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, 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 within Income under either unrestricted or restricted funds according to the terms under which the donation is made and when the amount can 13
be quantified with reasonable certainty. Donations and gifts in kind are brought into the accounts at their fair value to the Parish. d) Expendlture Expenditure is recognised 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 reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. e) Tangible assets The assets of the Parish comprise:_ Church Building and Graveyard Church Hall Rectory Bowling Green and Pavilion Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the new disposal proceeds and the carrying amount is recognised in the statement of financial activities and included in 'Other operating (losses)/gains'. fj Investments Magheradroll Parish Church does not have any Investments. g) Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments. h) Financial Instruments Magheradroll Parish Church only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction price and subsequently measured at their settlement value. 14
i) Funds Funds are classified as either restricted funds or unrestrirted 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 objects of the charity. If parts of the unrestricted funds are earrnarked 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. 15
Notes to the financial ststements for the year ended 31" December 2022 j.Crltical accounting 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 assumptions which may have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year. 16
- Donatlons and legades Fynds Funds Funds Total 2021 ate Collectlons Weekly envelopes l FWO Tax recovered on Donatlons Legacie5 Endowment Income Special Appeals Grants Other 71.745.(K) 4,013 75,758 69.524 13.217 13.217 20655 12.033 2.924 io io 107,127 4.013 111,140 89,481
- (Xher tradlni actIleS Electrlclty Income Speclal Fund Raising Coffee Mornings Summer Fete Chrlstmas Falr Other 1695 L695 1.695 1,695
- Investments Deposbt Interest Dlvldend5 recelved Rentsl Income- Investment Propertles ank Interest 6,3(M) 63(h) 22,136 6.300 22,136
- Ch*Tltable adl¥ltles Weddings and Funerals Magazine Income Grave Yard Income Other Income 350 55 4630 1847 3.470 1.763 3470 1763 5.233 5.233 An4ly515 01 Expendlture iknrestricted Reslrlrted Endovrnt Funds Funds Funds 2022 Total 2022 20 Charltable Actl¥llle5 Wages and Salaries Diocesan Costs/A55e55ment Hall Running Costs Glebe Costs Charitable Donations Admlnistration Costs 50.318 50318 51,692 24,204 6.241 423 14603 5431 5,431 2.2SO 8,788 88917 8788 100.430 4,709 17
7.Taxation Magheradroll Parish Church is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities. The average number of employees during the year, calculated on the basis of a head count. was as follows= 2022 Number 2021 Number Ministerial support Administration Music staff Premises maintenance 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. No trustee other than the Rector received any remuneration or reimbursement of expenses during the year. 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. 18
8.Tangible fixed assets Office Buildlngs Equipment Total Cost At beginning of the year Additions Disposals At end of the year 2,329,671 2,329,671 2,329,671 2,329,671 Depreciation At beginning of the year Depreciation Disposals At end of the year Net book value at beginning of the year Net book value at end of the year 2,329,671 2,329,671 l. Investment Propertles Balance at Beginning of the year Additions during the year Disposals during the year Fair Value Gains / (Losses) Balance at end of the year NIL 19
Notes to the financial statements for the year ended 31 December 2022 (continued) 9 Debtors 2022 2021 Sundry debtors Other (detail where material) 5622 4,669 5,622 4,669 10.CredltorsAmounts Due within l Year 2022 2021 Accruals and other creditors Taxation and Social Security Bank Overdrafts 900 4,926 900 4,926 20
Notes to the financial statements for the year ended 31st December 2022 (continued) 11.Analysis of cash and cash equivalents 2022 2021 Cash in hand Notice deposits Overdraft facility repayable on demand Total cash and cash equlvalents 92,774 289,161 22,045 340,931 381,935 362,976 21