Magheradroll Parish Church Annual report and financial statements For the year ended 31 December 2024 Charities Number: NIC 102537
Annual report and financial statements for the year ended 31 December 2024 Contents Pages References and administrative details Trustees, Annual Report 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 Church References and administrative details Charity Name: Magheradroll Parish Church Charity Registration Number: NIC 102537 Contact Address: 18 Church Street Ballynahinch Co Down BT24 8LP Trustees David Clarke, Lynn Jennings, James Jess Marian Hamilton, Michael Kew Kenneth Montgomery, Robert Montgomery Kenneth McLoughlin, Rosemary Saund¢rs William Slater (Hon. Secretary) David Smyth (Hon. Tre&surer) Rev Anna Williams Roy Young. Principal Office-bearers Clergy: Reverend Anna Williams Honorary Treasurer: David Smyth Honorary Secretary: William Slater Glebe Warden- Clergy . Ken McLouglin 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 Sainrfield
Trustees, Annual Report for the year ended 31 December 2024 The trustees present the annual report and accounts for Magheradroll Parish Church for the year ended 31 December 2024. Objective5 and Activitles 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. Achievements, Performance & Public Benefit The Great Commission of Jesus underpins the life and work of this Parish - 'Therefore 80 and make disciples of all nations, baptizing them in the name of the Father and of the Son and of the Holy Spirit, and teaching them to obey everything I have commanded you. And surely l am with you always, to the very end of the age." (Matthew 28.19-20). To this end, we gather as disciples on Sundays to worship, making space for those of all ages and stages of life, varying our worship to include contemporary and traditional aspects, and taking care to warmly welcome anyone and everyone. These services include the celebration of baptisms, make much of the annual Christian festivals and seasons, and will this year, include a relaunch of our Sunday School. We build up disciples, members of our church family and the wider community through pastoral care and support, seeking to demonstrate the love of Jesus to people through all seasons of life, and especially in times of difficulty: illness, bereavement, or when facing other challenges. We teach what Jesus taught throughout the week, with midweek opportunities to worship and to gather for Bible study and fellowship; and we continue to look for ways to develop our capacity to disciple Christians. We go into our community with the love and good news of Jesus, with good and growing connections with the Churches Together, Edge Youth Club, the Foodbank, the High School, and the Primary School in town. We welcome the community to us
through Women's and Men's community gatherings, a badminton club, a bowling club, and a community choir. We continue to invest time and money in growing our community engagement through careful consideration about how we open our hall to others; how we make space for people to find help, support, friendship, and community; and how we provide opportunitie5 for people to come to and to grow in faith. We go to all nations through links with mission agencies and other NGOS. This year, we are developing a new link with the Diocese of Ezo in South Sudan through CMS Ireland, and we continue to share generously from our resources to support those working beyond our own Parish. In these ways and more, we continue the work of Jesus, in the strength of Jesus, as we grow in our knowledge and love of Him and seek to make Him known. Financial 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. Going 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 2024 can be signed off as a going concern. Strurture. Governance and Management Governing Document and Constitution of the Charity 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 selett 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 received a stipend in accordance with figures approved by the General Synod of the Church of Ireland. Organisational 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 rnembers 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. Select vestry members are responsible for making decisions on matters of general concern and irnportance 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 generally on the second 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 2024 the Select Vestry met 10 times during the year with the April meeting being the annual Easter Vestry gathering The average attendance was 86.3Yo. Statement 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 trustee5 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 wilF continue as a going concern. 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 Art (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 Opinlon on the Financial Statements In my opinion the Financial Statements: give a true and fair view of the state of Magheradroll Parish Church financial st affairs as at the 31 December 2024 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 whlch l am requlred to report by exceptlon 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 suff icient 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 2710512025
Statement of Financial Activities for the Year Ended 31st December 2024 Unrestricted Restricted Endowment Funds Funds Funds 2024 2023 2024 Total 2024 Total 2023 Note Income Donations & legacies Other trading artivities Investments Charitable activities Other income 83.964.92 3.748.CK) 87,712.92 91,281.63 5,468.35 5,468.35 7,316.72 4.243.63 4,243.63 35471.5 Total Income 93,676.90 3,748. 97,424.90 134,069.85 endlture on: Generating Charitsble activities Other Total Ex 64,921.11 64,921.11 123,811.38 ndlture 64,921.11 64,921.11 123,811.38 Net Income/ (Expendfture) before transfers 28,755.79 3,748.(Kl 32,503.79 10,258.47 Transfers between lunds Net Income/ {Expendlture) before other recognlsed 8alns and1055es 28,755.79 3,748.(M) 32,503.79 10,258.47 Gain/(Lossl on investments assets Net movement In funds 28,755.79 3,748.(K) 32,503.79 10.258.47 Retonclllation of funds: Total funds brou8ht forward 190,235.51 10,729.59 195950.35 396,915.45 386,656.98 Total funds carried forward 218,99130 14ATI.59 195.950.35 429.419.24 396.915A5 10
ststement of Financial Position l(Balance Sheet) as at 31st December 2024 Note 2024 2023 Fixed Assets Tangible Fixed Assets Investment Properties Investments Total fixed assets 2,329,671 2,329,671 11 376,292 2,705,963 362,402 2,692,073 Current Assets Debtors Cash and cash equivalents Totsl current assets 2,040 52,204 54.244 2,267 33,347 35,614 11 Creditors - amounts falling due within one year Bank Loans Total creditors 10 1,117 1100 Net Current Assets 53,127 34,514 Total net Assets 2 759 090 2,726 587 The fvnds of the parish Unrestricted funds General funds Designated fvnds Totsl unrestricted funds Restricted Funds Endowment Funds Capital Funds Total charity funds 223,604 190,235 223.604 9,865 195,950 2329671 2 759 090 190,235 10,730 195,950 2329671 2,726,586 Trhe notes on pages 12 to 28 are an integral part of these financial staternents. The financial statements on pages 9 to 11 were approved by the Board of Trustees on th Tuesday 27 May 2025 and signed on its behalf by: Rev Anna Williams Rector Mr David Smyth Honorary Treasurer
Statement of Cash Flows for the year ended 31" December 2024 Totsl funds 2024 Total f unds 2023 Note Cash flows from operating attivities: Net cash pmvided by (used in) operating artivities Cash flows from investing activities: Dividends, interest and rents from investments Proceeds from the sale of property, plant and equipment Purchase of property, plant and equipment Proceeds from sale of investments Purchase of investments 28,504 (21,051) 4,243 34,865 Net cash provided by (used in) investing artlvities Cash flows from financing activities: Repayments of borrowing Cash inflows from new borrowing Receipt of endowment 4,243 34,865 Net cash provided by (used in) financing artivities Change in cosh and cosh equlvalents In the reporting period Cash and cash equivalents at the beginning of the reporting period Change in cash and cash equivalents due to exchange rate movements 32,747 13,814 395,749 381,935 Cash and cash equivalents at the end of the porting period 428,496 395,749 12
Notes to the financial statements for the year ended 31 December 2024 l. Accounting pollcies 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 Practice 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 benefit 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 frorn 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 goin8 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
be quantified with reasonable certainty. Donations and gifts in kind are brought into the accounts at their fair value to the Parish. d) Expenditure 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'. f) 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) Flnancial 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 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. Unrestricted 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. This designation has an administrative purpose only and does not legally restrict the trustees, discretion to apply the fund. 15
Notes to the financial statements forthe year ended 31" December 2024 j.Critical 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 assurnptions 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 legacles Unrestrlcted Restrirted End(wment Funds Funds Funds 2024 2024 Total 2024 2023 Plate Collertion5 Weekly envelopes l FWO Tax recovered on Donatb)ns Donations Endowment income Special Appeals Grants ¢)ther 70,WJ 70,932 66,840.80 3.748 13.612 1,950.(N) 13,612 50 I4,) 5.450 82.402 3,748 86,150 91.282
- Otherirndlng artlvities Electrlclty Income Special Fund Raislng Coffee Mornings Summer Fete Christmas Falr Other 2.308.35 3787 1,562 3,870 3,870 3787
- ITNestments Depos Interest Dlvldends recelved Rentsl Income- Investment Propertbes Bank Interest 4.244 4243.63 35,472 4,244 4,244 35,472
- Ch•tltable artfvities Weddings and FunerdL8 Magazine Income Grave Yard Income Other Income 3.160 31E 3470 3.160 3.160 3,530 Analy515 of Expendlture Unrestrlrted Funds 2024 Restrlcted End(Y•ment Funds Fund5 2024 Total 2024 2023 Charftable Actl¥ltles Wages and Salars Diocesan CostslAssessment Hall & Graveyard Expenses Glebe Costs Charitsble Donatlons Admini£tration Costs 19,929 11.839 19929 11839 1445 14475 8,050 9182 64,921 46,615 18,990 28.588 4,652 7,5 17.466 123.811 14,475 8,050 9.182 64921 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.. 2024 Number 2023 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 Offlce Equipment Buildings 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 Properties 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 financlal statements for the year ended 31 December 2024 (continued) 9 Debtors 2024 2023 Sundry debtors Other (detail where material) 2,040 2,267 2,040 2,267 10.Creditors Amounts Due within l Year 2024 2023 Accruals and other creditors Taxation and Social Security Bank Overdrafts 1,117 1,100 1,100 900 20
Notes to the flnancial statements for the year ended 31st Decernber 2024 (continued) 11.Analysls of cash and cash equivalents 2024 2023 Cash in hand Notice deposits Overdraft facility repayable on demand Total cash and cash equivalents 52,204 376,292 33,347 362,402 428,496 395,749 21