Magheradroll Parish Church Annual report and financial statements For the year ended 31 December 2023 Charities Number: NIC 102537 Annual report and flnancial statements for the year ended 31 December 2023 Contents Pages References and administrative details Trustees, Annual Report 5-8 Independent auditors, report to the Trustees Statement of financial activities 10 Balance sheet 11 Statement of cash flows 12 Notes to the financial statements 13-21 Magheradroll Parish Churth Referen￿S and adminlstratlve detslls Charity Name: Magheradroll Parish Church Charity Registration Number: NIC 102537 Contact Address: 18 Church Street Ballynahinch Co Down BT24 8LP Trustees David Clarke, Geoffrey Jennings, LyDn Jennings, James Jess Marion Hamilto Michael Kew Kenneth Montgomery. Robert Montgomery Kenneth McLoughlin, Canon Warren Russell, Rosemary Saunders William Slater (Hon. Secretary) David Smyth (Hon. Treasurer) Roy Young. Prfnclpal Office-bearers Clergy: Canon Warren Russell Honorary Treasurer. David Smyth Honorary Secretsry: William Slater Glebe Warden - Clergy . Roy Young Glebe Warden- People: Robert Montgomery Church Warden - Clergy . David Smyth Church Warden - People . Robert Montgomery Independent Auditor or Examiner Mr George Mcmaster 16 Blacks Road Ballynahinch BT24 8UT Bankers Danske Bank Saintfield TTh￿tee￿ Annual Report for the year ended 31" December 2023 The trustees present the annual report and accounts for Magheradroll Parish Church for the year ended 31st December 2023. 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 promotin& through the work of the Ma8heradroll Parish Church the whole mission of the Church, pastoral, evan8elistic, social and ecumenical. Being open to and engaging with society as a whole and offering support for those needing help are fundamentsl 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 & Publk Benefft Worship takes place on Sunday mornlngs 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. The Parish supports financially the work of the cross-community Edge Youth Club in the Town Centre. We receive weekly donations of ft>od item from parishioners for the town food bank. Parish Bowling clubs (Indoor and Outdoor) 3nd 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 protertion 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. A defibrillator was installed outside the main hall in 2022 to be used by all in the Church Road vicinity. 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 7.5Yo 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. Flnanclal Revlew Magheradroll Parish Church's policy on reserves is to keep money aside as a reserve to protett 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 attivities and the financial statements for the year end 2024 can be signed off as a going concern. Structure. Governance and Management Govemlng Document and Constitutlon of the Charfty Chapter111 of the Constitutlon of the Church of Ireland governs Parishes and Parochial Organisation. The Select Vestry members are the Charity Trustees Recrultment andAppointment oASelert Vesty All members of the Church of Ireland who are over the age of 18 and are eFther 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 eletted as part of this General Vestry meeting. The Selett Vestry will hold their posttions for a period of one year. Selert Vestry members may be r&eletted annually and there És no limit on the number of terms which may be served Pay and remuneratlon The Rector who retired in October 2023 received a stipend in accordance with figures approved by the General Synod of the Church of Ireland. At the time of publishing the post remains vacant. Oryanisationol stn￿Ure The select vestry is responsible for the day to day management of the parish. The selett vestry consists of the Rector (this position is currently vacant and is being covered by the Area Dean) , the glebe wardens and generally not more than twelve other members of the general vestry elected at the General Vestry. The select vestry is generally chaired by the Rector and assisted by the Honorary Secretary and the Honorary Treasurer. Currently it is being chaired by the Area Dean. 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. Standlng items on the agenda for each meeting include Flnance and matters relating to property. The select vestry meets on the first Tuesday of every month. No meetings tske place in July and August with special meetings may be convened at any time by the Honorary Secretary. In 2023 the Select Vestry met 9 times during the year with the April meeting being the annual Easter Vestry gathering . The average attendance was 66.7%. ststement of Trustees. Responsibilities The trustees are responsible for preparing the Trustees, Report and the financial 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 IFRS 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 lawthe trustees must not approve the finanaal 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 tt 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 statements comply with the Charities Act (Northern Ireland) 2008, the Charity (Accounts and Reports) Regulations {Northem 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 preventlon and detection of fraud and other irregularities. Independent Avdilor'% l Examiners Report lo the Trustees of Magheradroll Parish Cburcb OpTniOll on the Financial Statements In In), oiitiiion the Fiiiancial Statements: live a true and fair i'iei%' of the slate of Magherndroll Parish Church fInancial affairs as at the 31 December 2023 and of the Pansh's ifttoming resources and application of resources for the year then ended; Iiiiiestments to date haiie been i'erv successful however in my opinion the inl'estsnents undertaken are potentially lonb?er lerni in nature. concenlraied on one producl a17d carr), dje risk. that the Parish may have insulfici￿lI sliort term cash should unexpected expenses arise. hai'e been properly prepared in accordance with the Charities Act (Nortliern Irel14 nd) 2008. the Charity (Accounts and Reports) Regiulations (Northern Irelnnd) ?008 and the provision of the Conslitution of the Cliurch of Ireland. Matters on which l required to report by exceptio I hai'e nothinby to report in respect of the following matters where the Trustee's requires us to report to )'ou if. in my opinion the inforniation g>iNen in the Annual Report is inconsistent in any material respect M'itli the financial statements.. or sufficient accounting records have not been kept: or the financi21 sla*ments are not in agreement with the accounting records and returns: or • I have not receii'ed all the inforni8tion and ¢xpl8nations I require for the review. Georb)e Mcmaster 16 Blacks Road Ballynahinch BT?4 8UT 2010612024 Statement of Financlal Position l(Balance Sheet) as at 31st December 2023 %)23 2022 Flxed Assets Tangible Fixed Assets Investment Properties Investments Total fixed assets 2,329,671 2.329,671 11 362,402 1692,073 289.161 2.618.832 Current Assets Debtors Cash and cash equivalents Total current assets 2.267 33,347 35,614 5,622 92,774 98.396 Credltors - wnounts falling due wlthln one year Bank Loans Total credrtors 10 1,100 900 Net Current Assets 34.514 97,496 Total net Assets 1726.586 2.716.328 The funds of the parish Unrestricted funds General funds Designated funds Total unrestricted funds 190,235 183,563 Restricted Funds 10.730 7,144 Endowment Funds 195.950 195,950 Caprtal Funds 2329671 2329671 Total charity funds 1726.586 2.716.328 The notes on pages 12 to 28 are an integral part of these financial statements. 190,235 183,563 The financial statements on pages 9 to 11 were approved by the Board of Trustees on Tuesday 17 March 2024 and signed on its be alf by: Geoff Wilson. Area Dean Mr David Smyth Honorary Treasurer