Inch Parish Church Trustees, Annual report and Statements of Receipts and Payments and Assets and Llabilltles For the year ended 31 December 2023 Charities Number: NIC 102540 Inch Parlsh Church Annual report and financial statements for the year ended 31 December 2023 Contents Pa8es References and administrative details of the Charity Trustee5' report Independent Examiners Report to the Trustees Receipts and payments account Statement of assets and liabilities Notes to the financial statements 10-12 Page Inch Parish Church References and admlnistratlve detai15 Charity Name-. Inch Parish Church Charity Registration Number.. NIC 102540 Contact Address.. The Rectory 22 Church Road, Crossgar, Downpatrick BT30 9HR Trustees Mrs Florence Armstrong Mrs Minnie Cargo (appointed 07105120231 Mr Michael Donaldson15tood down 07105120231 Mr Roderick William Patrick Downer (stood down 07105120231 Mr Norman Gibson Mr William King Mrjohn Lennon Mr Walter Love (stood down 13106120231 Ms Sharon Maxwell (stood down 13106120231 Mrs Agnes Peacocke Mrs Marian Pentland (stood down 0710512023) Mr Matthew Edgar Pentland Mrs Rosemaryshannon {appointed 07105/20231 Mr5 Lorraine Lennon (appointed 07105120231 Mr Jim Morrison Ico-opted 23108120231 Mr Andrew Morrison Ico-opted 11110120231 Rev Stephen Smyth {Retired 3110712023) Prlnclpal OffI￿-bearerS Area Dean.. Adrian Dorrian Church Secretary Mrs Agnes Peacocke Church Treasurer.. Mr Norman Stewart Church Warden- Clergy.. Mr Norman Glbson Church Warden- People.. Mrs Minnie Cargo Glebe Warden- Clergy.. Mr Matthew Pentland Glebe Warden- People.. Mrjohn Lennon Independent Examlner Ivan Shannon & Co. 39 Church St, Ballynahinch. County Down. BT24 8AF Bankers Danske Bank 49151 Market Street Downpatrick BT30 6LR Page Receipts and Payments Account for the year ended 31 December 2023 Notes Unrestricted Designated Restricted Total 2023 Total 2022 Re￿1 Donations and Plate Collertions Receipts from General Trustees Appeals Proceeds from Fundraising Events Grants Bank and Deposit Interest Rental of Premises Other Receipts Total Income and Endowments £36,317.57 £639.77 £1.475.00 £770.00 £37.087.57 £651.08 £1,475.00 £3,497.00 £15,200.00 £39.44 £13,082.00 £2,880.00 £73,912.09 £36,712.71 £666.11 £360.00 £11.31 £3,497.00 £14,000.00 £1,200.00 £39.44 £955.00 £21.14 £12.302.00 £4,227.50 £55,244.46 £13.082.00 £300.00 £39.971.78 £2,580.00 £3,350.00 £30,590.31 Payments Administration Cost5 Salaries and Wa es Diocesan CostslA5sessment Church Running Costs Parish Hall costs Rectory Runnin8 Cost5 Graveyard Costs Charitable Donations Cotta e Running Costs Miscellaneous Costs Total Pa ents Excess of Recelpts over Payments before Transfers Transfers Excess of Recelpts over Payments after Transfers £1.594.82 E19,267.43 £4,116.00 £6,011.54 £1,594.82 £19,267.43 £4,116.00 £6,040.45 £8,508.82 £1,171.98 £3,870.00 £1,963.80 £31,270.72 £400.00 £78,203.82 £1,021.14 £27,419.36 £4,176.00 £7,834.50 £4.419.64 £1,237.37 £955.00 £2,271.80 £2,635.21 io £28.91 £8.508.82 li £1,171.98 £3,870.00 £488.60 12 13 14 £1,475.00 £2,016.72 £29,254.00 £400.00 £4,758.60 £35,653.49 £37,791.73 £51,970.02 (£4,291.73) £3,274.44 £4,318.29 {£7,201.421 1£1,408.60} 1£3,892.511 £3,892.51 £0.00 £0.00 £425.78 1£3,308.911 {£1,408.601 1£4,291.731 £3,274.44 Balance Brou ht Forward £14,552.51 £3,961.08 £7,830.30 £26,343.87 £23,069.43 Balance carrled Forward £14,978.29 £652.15 £6.421.70 £22,052.14 £26,343.87 On Behalf of the Trustees Area Dean Rev. Adrian Dorian Q4 l¢J¥ /i oAld¥ 12 Honorary Treasurer Mr Norman Stewart Page Notes to the financial statements for the year ended 31 December 2023 Accounting policies Set out below are the principal accounting policies which have been adopted in the compilation of the Receipts and Payments Account and the Statement of Assets and Liabilities {a) Re￿Ipts and Payments Account All items of income and expenditure included within the Receipts and Payments Account have been accounted for on a cash receipts basis. (bl Statement of Assets and Llabllltles (l) Assets retolnedfvr the Parlsh's own use The assets of the Parish. retalned for its own use comprise:_ Church Building and Graveyard Parish Hall Glebe cottage Fixtures and fittings The Church Building and Graveyard are deemed to be Heritage assets as defined by the Charities SORP IFRS102) These Heritage assets are not included in the statement of assets and liabilities 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 reco8nised at cost of construction l acquisition. No depreciation has been provided on the parish hall building as the current estimated residual value Is not less than its carryin8 value and the remaining useful life currently exceeds 50 years. The Sextons House Is recognised at the current valuation of the property by the Land and Property Services. Oept. of Finance Nl. No depreciation has been provided on the Sextons House as the current estlmated residual value Is not less than Its carrying value and the remaining useful life currently exceeds 50 years. Fixtures and Fittin8s are reco8nised at cost and are depreciated on a straight line basis over a period yet to be determined. A minimum threshold of cost of £2000 has been set for an item to be considered to be capitalised as a fixed asset. 111 Bequests Bequests made to the church are held a5 units invested with either the Representative Body General Unit Trust, the Church of Ireland Trustees or the Northern Ireland Central Investment Fund for Charities administered by the Department of Communities. Units are initially recorded at cost and are then subsequently stated at fair value at each year end date. The interest only is passed to the Church with Unit growth being reflected on the statement of Assets and Liabilities Bequests comprise.'_ 111 Donations and Bequests held by RCB whlch generate income for general or specific purposes for the Church 121 Bequests held with the Charity Branch of the Department of Communities which generate income for general purposes of the church. 131 Bequests held by the Church of Ireland Trustees which generate income for general or specific purposes for the Church. The fair value of each holding as at 31 December 2023 was:_ RCB Investments £1,100.60 Department of Communities £2,847.04 Church of Ireland Trustees £8,388.86 10 Notes to the financial statements for the year ended 31 December 2023 (continued) Reconciliation of Cash Funds Total Cash Funds at beginnin8 of Year Receipts for the Year Payments for the Year Total Cash Funds at end of Year £26,343.87 £73.912.09 1£78.203.821 £22,052.14 Movement in Funds Atl Jan 2023 Incoming Resources Outgoing Resources Transfers Galns/ Losses At 31" Dec 2023 Endowment Funds Unrestricted Funds General Fund £14.552.51 £14,552.51 £39,971.78 £39,971.78 £35,653.49 £35,653.49 (£3,892.51) 1£3.892.51) £14,978.29 £14,978.29 Deslgnated Funds Hall Sunday School 8uildin8 Stipend £13,082.00 £8,508.82 £28.91 £29,254.00 {£4,573.181 £0.00 £652.15 £0.00 £0.00 £652.15 £681.06 £3,280.00 £17,497.00 £11.31 £30,590.31 £8,477.00 1£11.311 £3,892.51 £3.961.06 £37.791.73 Restrlcted Funds Graveyard Fund Defibrillator Childrens Mlssionary LEEMOS Rectors Leavin8 Gift £6.916.00 £425.70 £200.00 £288.60 £2,580.00 £3,870.00 £0.00 £5,626.00 £425.70 £0.00 £370.00 £0.00 £6,421.70 £200.00 £288.60 £400.00 £4,758.60 £370.00 £400.00 £3,350.00 £7,830.30 TOTAL £26,343.87 £73,912.09 £78.203.82 £0.00 £0.00 £22.052.14 Pu oses of Desi nated Funds Hall Fund.. Funds collected and disbursed for the maintenance and running of the parish hall. Any deflcitlsurplus in the year is transferred to the General Fund. Sunday School Fund.. Funds set aside for use by the Sunday School. Building Fund.. Funds set aside for major remedlal works to the church buildin8S Stipend Fund.. For collection of speclfic endowments. Any deficitlsurplus In the year Is transferred to the General Fund Pur oses of Restricted Funds Graveyard Fund-. Funds set aside for the maintenance and running of the graveyard Defibrillator Fund.. Funds set aside for the purchase and maintenance of a defibrillator to be located in the church. Childrens Missionary.. Grant received for use in youth ministry LEEMOS.. Collection at Orange Order Service to be sent to Lord Ennisklllen Memorlal Fund Rectors Leavin8 Gift= Donations received for Rectors leavin8 gift, Page li Notes to the financial statements for the year ended 31 December 2023 (mntinued) 5. Transactions with the Trustees The Rertor, who is a trustee, Is paid directly by the Parish as previously detailed. In addition, the Parish paid expenses of £1,178.98 relatin8 to the running costs of the Rectory whlch is occupied by the Rector. These costs include Rates and Insurance. One trustee was reimbursed a total of £l.570.00 in respett of grass cutting of Graveyard. In all cases. the natu￿ of the payments has been documented and approved by eitherthe Select Vestryor by two unconnected trustees in accordance with Inch Parish Church financlal procedures. 6. Governance Costs No governance cost5 were incurred during the year. The trustees greatly appreciate the services provided free of charge by the independent examiner. Page 12