Receipts and payments account for the year ended 31.12.2024
| Unrestricted funds Restricted funds Endowment funds Total 2024 Total 2023 |
|
|---|---|
| Receipts Donations 26,651 12,869 - 39,520 39,241 Fundraising income 200 2,726 - 2,926 5,494 Rents & hiring fees 12,641 - - 12,641 7,040 Investment income 12,856 25 - 12,882 14,073 Rector’s discretionary fund 43 10 - 53 - Gift Aid recovered 6,177 347 - 6,524 9,317 Other income 20,728 - - 20,728 2,410 |
|
| Total receipts 79,296 15,978 - 95,275 77,575 Payments Stipend, salary, etc. 38,220 - - 38,220 34,603 Diocesan assessment 5,028 - - 5,028 4,776 Fundraising expenses - 95 - 95 328 Church running costs 1,654 3,500 - 5,154 7,885 Parish Centre costs 6,973 - - 6,973 18,450 Rectory & Hurst costs 2,396 2,780 - 5,176 11,162 Graveyards & grounds 3,659 - - 3,659 1,472 Administration costs 6,813 - - 6,813 9,522 Charitable donations 40 2,280 - 2,320 3,071 Rector’s discretionary fund - 260 - 260 - Youth club expenses 240 - - 240 - Bank fees & interest 2,724 - - 2,724 2,472 Transfer of balances 5,703 - - 5,703 - |
| Unrestricted funds Restricted funds Endowment funds Total 2024 Total 2023 |
|
|---|---|
| Total payments 73,451 8,915 - 82,366 93,711 Net income/expenditure 5,845 7,063 - 12,908 -16,136 Transfers in 714 8,733 - 9,447 87,849 Transfers out -6,544 -2,903 - -9,447 -87,849 Other gains/losses -63 88 - 24 - |
|
| Net movement in funds -48 12,981 - 12,933 -16,136 Reconciliation Brought forward -58,711 57,212 1,328,166 1,326,667 1,342,803 |
|
| Carried forward -58,759 70,193 1,328,166 1,339,600 1,326,667 Signed on behalf of the trustees Canon Gill Withers..................................................................................................... (Rector) Elaine McFeeters.................................................................................................... (Hon. Secretary) 12 May 2025 ......................................................................................................................... Date |
Statement of assets and liabilities for the year ended 31.12.2024
| Unrestricted funds Restricted funds Endowment funds Total 2024 Total 2023 |
|
|---|---|
| Cash funds Petty cash 58,316 -58,316 - - - No. 1 account -39,173 -758,613 780,025 -17,761 -23,507 No. 2 account -151,595 94,326 58,051 782 -1,408 Savings account 13,694 -2,204 - 11,490 5,789 |
|
| Total cash funds -118,759 -724,807 838,077 -5,489 -19,126 Investment assets Parish investments - - 57,672 57,672 57,672 Other investments - - 46,457 46,457 46,457 RB Gen Unit Trust (NI) - - 259,401 259,401 259,401 Church of Ireland Trustees - - 21,559 21,559 21,559 |
|
| Total investment assets - - 385,089 385,089 385,089 Retained assets Parish properties 60,000 795,000 105,000 960,000 960,000 |
|
| Total retained assets 60,000 795,000 105,000 960,000 960,000 |
|
| Total assets -58,759 70,193 1,328,166 1,339,600 1,325,963 Liabilities Sundry creditors - - - - -703 |
|
| Total liabilities - - - - -703 |
|
| Assets less liabilities -58,759 70,193 1,328,166 1,339,600 1,326,667 |
Signed on behalf of the trustees
Canon Gill Withers ..................................................................................................... (Rector) Elaine McFeeters .................................................................................................... (Hon. Secretary) 12 May 2025 ......................................................................................................................... Date
Notes to the financial statements for the year ended 31.12.2024
Accounting policies
Set out below are the principal accounting policies adopted in the compilation of the receipts and payments account and the statement of assets and liabilities. All items of income and expenditure included within the receipts and payments account have been accounted for on a cash receipts basis. Fixed asset investments - properties, equities (ordinary shares), and RCB/CIT unit trusts - are stated at fair value at each year end date. Investments in unquoted investments are recorded at cost and are assessed annually for impairment.
The parish has retained the church buildings, graveyards, parish centre, rectory, and fixtures and fittings for its own use. The church buildings, graveyards, and fixtures and fittings are deemed to be heritage assets as defined by the Charities SORP (FRS102). They are not included in the statement of assets and liabilities because information on their cost or valuation is not available and cannot be obtained at a cost commensurate with the benefit to the users of the accounts and to the parish.
The parish centre has an insurance value of £795,000 and the rectory a rateable valuation of £87,500. Following renovation, the Margaret Hurst Dwelling (17 Ann Street) has been let and is managed by Dynes Residential Ltd. The property has a rateable valuation of £77,500. The valuations of the parish properties are shown as an aggregated figure in the statement of assets and liabilities.
Reconciliation of cash funds
| Petty cash | No. 1 | No. 2 | Savings | Total | |
|---|---|---|---|---|---|
| account | account | account | account | ||
| Total cash funds, 01.01.2024 | - | -23,507 | -1,408 | 5,789 | -19,126 |
| Receipts for the year | 51,054 | 103,229 | -29,771 | 10,701 | 135,213 |
| Payments for the year | 51,054 | 97,483 | 31,961 | 5,000 | 123,383 |
| Total cash funds, 31.12.2024 | - | -17,761 | 782 | 11,490 | -5,489 |
Movement in funds, 01.01.2024 to 31.12.2024
| Balances 2023 Incoming resources Outgoing resources Transfers Gains Journal entries Balances 2024 |
|
|---|---|
| Unrestricted General Fund -58,711 79,296 73,451 -5,830 - -63 -58,759 Designated Rector’s Disc. Fund - 92 54 135 - - 173 |
| Restricted Building Fund 10,871 1,802 6,280 3,614 - 88 10,095 Graveyard Fund 4,059 1,814 - -1,441 - - 4,432 Mission Fund 1,019 1,458 2,581 919 - - 815 Youth Fund 817 - - 817 - - - St James’s Appeal 40,446 10,812 - 3,420 - - 54,678 Endowment Investment Fund 368,166 - - - - - 368,166 Property Fund 960,000 - - - - - 960,000 |
|
|---|---|
| Total 1,326,667 95,274 82,366 - - 24 1,339,600 |
PURPOSE OF FUNDS
The General fund is for day-to-day financial management.
The Rector’s Discretionary Fund provides small gifts and comforts to elderly or deserving parishioners and townsfolk.
The Building Fund is for financing capital expenditure on parish properties. The Graveyard Fund, the Mission Fund, the St James’s Appeal Fund, and the Youth Fund hold donations which are to be disbursed on those purposes.
The Investment Fund and the Land and Property Fund hold the parish’s investments.
Charitable disbursements
| Total 2024 Total 2023 |
|
|---|---|
| Bishops’Appeal Bicycles for Maredi 160 - |
|
| Sub-total 160 - Rector’s discretionary fund Elderly or deserving parishioners and townsfolk 255 341 Green Isle Residential Home 5 - |
| Total 2024 Total 2023 |
|
|---|---|
| Portaferry Methodist Church (roof appeal) - 45 |
|
| Sub-total 260 386 World mission Open Doors (CHY 20140984) - 50 |
|
| Sub-total - 50 Other developmental agencies Bangor Foodbank and Community Support (NIC108533) 140 - Christian Aid (NIC 101631) - 70 Eggshell Cambodia (NIC 106896) 600 600 Tearfund (Registered Charity 265464) 65 - Youth for Christ NI (NIC 106072) - 250 |
|
| Sub-total 805 920 Secular charities Air Ambulance NI (NIC 103900) 500 - Lymphoma Action (Registered Charity 1068395) 45 125 Macmillan Cancer NI (Registered Charity 261017) 70 50 NI Pancreatic Cancer (NIC 108048) - 125 RNLI (Registered Charity 209603) - 720 ShelterBox (Registered Charity 1096479) 475 - Water Aid (Registered charity 288701) - 443 |
|
| Sub-total 1,090 1,463 Remembrance Army Benevolent Fund (Registered Charity 1146420) 125 - Beyond the Battlefield (NIC 100198) - 100 |
| Total 2024 | Total 2023 | |
|---|---|---|
| SSAFA (Registered Charity 210760) | 100 | |
| St John and Red Cross DMWS (Registered Charity 1087510) | 70 | - |
| The Not Forgotten Association (Registered Charity 1150541) | 70 | - |
| Sub-total | 265 | 200 |
| Total | 2,580 | 3,065 |
Transactions with the trustees
Trustees who were aged over seventy, like other parishioners of that age, received a small gift at Christmas from the Rector’s Discretionary Fund. No gift was worth more than £10.
No trustee received any remuneration during the year, other than Rosemarie Armstrong-Woodroffe (£40 for lay reader duties), Elizabeth Browne, Rhoda Dorndorf, and Elaine McFeeters (£260 for purchases for the Rector’s Discretionary Fund), and Rev. Canon Gillian Withers (£27 for purchases for the St Patrick’s Eve service). The expenses were incurred with the express concurrence and prior authorisation of the trustees, who have examined the reimbursements and are satisfied with their propriety.
No trustee or a person related to a trustee had any personal interest in any contract or transaction which the charity entered during the year, other than Mark Alcorn, who received £245 in respect of materials purchased for minor works (labour for the same was provided as a freewill offering). The expenses were incurred with the express concurrence and prior authorisation of the trustees, who have examined the reimbursements and are satisfied with their propriety.
Governance costs
Governance costs incurred during the year ending 31.12.2024 were the independent examiner’s fee of £860.
Signed on behalf of the trustees
Canon Gill Withers ..................................................................................................... (Rector) Elaine McFeeters .................................................................................................... (Hon. Secretary) 12 May 2025 ......................................................................................................................... Date