Parlsh of Larne & Inver St. Cedma's Church Statement of Flnanclal Artlvltles for the year ended 31 December 2023 Note Income Donations & legacies Investments Charitable Activities Other Tradin8 Activities Other Income 121,874 1,149 3,050 109 2,345 3,780 124,924 1,258 2,345 12,070 2.086 138,517 1.054 2,560 12,434 1,206 8,290 2,086 Total Income 133,399 9,284 142,683 155,771 Ex endlture on: Charitable activities Other costs Governance 125.981 5,584 636 1.600 740 127,581 6,324 636 126,096 6,111 636 Total Ex endltur 132,201 2,340 134,541 132,843 Net Income before transfers 1,198 6,944 8,142 22,928 Transfers between funds 5,870 -S,870 Net lexpendlturellln¢ome before other reco8nlsed 8alns and losses 7.068 1,074 8,142 22,928 GainllLossl on investments 138,8301 138,8301 16,679 Net movement In funds 7,068 1,074 138,8301 130,6881 39,607 Reconclllatlon of funds: Total funds brou8ht forward 60,300 1,311,954 562,011 1.934,265 1,894,658 Total funds carrled fonvard 67,368 1.313,028 523,181 1,903,577 1,934,265
Parlsh of Larne & Inver St. Cedma's Church Balance Sheet a5 at 31 December 2023 Note 2023 2022 Fixed Assets Tangible Fixed A55etS Investments Total fixed assets 12 13 1.296,080 523,181 1,819.261 1,296,755 562,011 1.858,766 Current Assets Cash and cash equivalents Total current assets 84,916 84,916 76,099 76,099 Credltors- amounts falllng due wlthln one year Accruals Total creditors 600 600 600 600 Net Current Assets 84,316 75,499 Total net Assets 1,903,577 1.934.265 Funds of the charlty Unrestricted funds General funds Total unrestricted funds Restricted Funds Endowment Funds 16 67,368 67,368 1,313,028 523,181 60,300 60.300 1,311,954 562,011 16 16 Total church fund5 1,903,577 1,934,265 The notes on pages 8 to 17 are an integral part of these financial statement5. The financial statements on pages 6 to 17 were approved by the Board of Trustees Iselect Vestry) on th 11 April 2024 and signed on its behalf by: Rev. D. ckhart, Chairman of Trustees Mr.J.B nlees, Honorary Treasurer
Parlsh of Larne & Inver St. Cedma's Church Notes to the flnanclal statements for the year ended 31 December 2023 1. Accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. a) Basls of preparatlon The financial statements have been prepared on a 8oin8 concern basi5 in accordance with Accounting and Reporting by Charities.. Statement of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP (FR$ 10211. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Parish meets the definltion of a public benefit entity under FRS 102. Assets and liabilities are inltially reco8nlsed at hlstorical cost and transaction value unless otherwise stated in the relevant accounting policy notelsl. bl Preparatlon of accounts on a golng concern basls The Parish generally meets its day to day working capital requirements from its annual income. The Trustees have obtained and reviewed budgets 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 cl Income Plate Collections and freewlll offerings 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, 15 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 wlthln Income under either unrestricted or restricted funds according to the terms under which the donation 15 made and when the amount can be quantified with reasonable certainty. Donations and gifts in klnd are brought into the accounts at their fair value to the Parlsh. d) Expendlture Expenditure is reco8nised 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 w35 incurred.
Parish of Larne & Inver St. Cedma's Church Notes to the financial statements for the year ended 31 December 2023 l. Accounting pollcles {contlnued) e} Tangible assets The a55ets of the Parish comprise:_ Church Building Parish Hall New Inver Hall Rectory Fixtures and fittings The Church Building is deemed to be a heritage assets as defined by the Charities SORP IFRS102}. This heritage asset is not included on the balance sheet 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 account5 and to the parish. The Rectory is recognised at cost / deemed cost, being the estimated fair value of the property at 31 December 2016 No depreciation has been provided on the Rectory as the current estimated residual value is not le55 than its carrying value and the rernaining useful life currently exceeds 50 years. Fixtures and Fittings are recognised at cost and are depreciated on a straight line basis over a period of 10 years. The assets, residual value5 and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change 15 accounted for prospectively. The Parish has set a minimum threshold of cost for an item to be considered to be capitalised as a fixed asset- i.e. not less than £1,000. 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 Ilossesl/gains'. 10
Parish of iarne & Inver St. Cedma's Church Notes to the financlal statements for the year ended 31 December 2023 Icontlnuedl l. Accountlng pollcles Icontlnued) n Investments Fixed asset investments comprising investments in RCB/CIT Unit Trusts are initially recorded at cost and are then Subsequently stated at fair value at each balance sheet date. Investments in unquoted investments are recorded at cost and are assessed annually for impairment. Unrealised gains and105ses represent the difference between the fair value at the beginning and end of the financial year or, if purchased in the year, the difference between cost and fair value at the end of the year. Realised gains and losses represent the difference between the proceeds on disposal and the fair value at the start of the year or cost if purchased in the year. Both realised and unrealised gains and losses in investments are reported within 'Net Gains1 ILos5esl on Investments. within the Statement of Financial Activities. gl Cash and cash equlvalents Cash and cash equivalents Includes cash in hand, deposit5 held at call wlth banks, other short-term highly liquid investments wlth orl8inal maturities of three months or less and bank overdrafts. Bank overdrafts are shown withln Creditors: Amounts falling due within l year. h) Flnanclal Instruments The Parish only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financlal instruments are initially reco8nlsed at transactlon prlce and subsequently measured at their settlement value. l) Funds Funds are classified as either restricted funds, endowment 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 fund5 are funds which have been given on the condition that the original capital sum is not reduced, but the income there from 15 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 partlcular purpose, they are designated as a separate fund. This desi8nation has an administrative purpose only and does not legally restrict the trustees, discretion to apply the fund. Z. Crltlcal accountlngJud8ements and estlmatlon uncertalnty Estimates and jud8ments 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 f isk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year.
Parish of Larne & Inver St. Cedma's Church Notes to the financlal staternents for the year ended 31 December 2023 {¢ontinuedl 3. Donations and legacies Unrestricted Funds 2023 Restricted Funds 2023 Endowment Funds 2023 Total 2023 Total 2022 Plate Collections Weekly envelopes/ FWO Tax recovered on donations Donations- general Glynn & Raloo Stipend Special Collections Diocesan Grant Other Grants Church of Ireland Trustees Other Income 1,284 67,586 13,007 1,284 69.306 13,007 1,330 22,068 1,343 73,919 19,173 212 20,247 1,720 1,330 22,068 1,250 1,250 7,737 16,679 16,679 15,886 121,874 3.050 124,924 138,517 4. Investments Interest RCB Distribution 185 964 1,149 185 153 901 1,054 109 109 1,073 1,258 Charltable Activities Donations in memorium 2,345 2,345 2.345 2,345 2,560 2,560 Other Trading Artivities Use of Facilities Projects & events Magazine receipts 8.290 8,290 3,780 8,080 4,309 45 12,434 3,780 8,290 3,780 12,070 Other Income Power Nl Grant Funerals Board of Education Mid & East Antrim Council 600 280 1,206 600 280 1.206 1.206 2,086 2,086 1,206 12
Parish of Larne & Inver St. Cedma's Church Notes to the financlal statements for the year ended 31 December 2023 Icontlnuedl Analysls of Expendlture Unrestricted Restrlcted Funds Funds 2023 2023 Endowment Funds 20Z3 Total 2023 Total 2022 Wages and salaries Pension contributions PAYEINIC Dlocesan costs/ assessment Church runnlng costs Church repairs Rectory rates Clergy expenses Rectory expenses Charitable donations Administratlon costs Sunday school 51,872 15,253 12,334 12,522 6,779 4,012 938 11,833 1,614 2,415 6,211 198 51,872 15,253 12,334 12,522 6,779 5.612 938 11,833 1,614 2,415 6,211 198 50.648 12,811 12,354 13,684 5,742 7.320 938 10,705 1,358 2,227 8,211 98 1,600 12S,981 1,600 127,581 126.096 Other Costs Insurance Sundries Bank interest and char8es Depreciation 5,053 241 290 5,053 306 290 675 4,849 292 295 675 65 675 5,584 636 740 6,324 636 6,111 636 Governance Costs 9. Galn on Investments 2023 2022 Unrealised GainsllLossl on investments 138,8301 138,8301 16,679 16,679 13
Parish of Larne & Inver St. Cedma's Church Notes to the financial statements for the year ended 31 December 2023 Icontlnued) 10. Taxation The Church is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities. 11. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel Employees 2023 2022 Salaries and wages including National Insurance Pension contributions Total 64.206 15,253 79,459 63,002 12,811 75,814 The average number of employees during the year, calculated on the basis of a head count, was as follows: 2023 Number 2022 Number Rector 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 Trustee5. No trustee, apart from the Rector, received anv 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. 14
Parlsh of Larne & Inver St. Cedma's Church Notes to the flnanclal statements for the year ended 31 December 2023 Icontlnued) 12. Tanglble fixed assets Offlce Equipment 8ulldln8S Total Cost At be8innin8 of the year Additions Disposals At end of the year 1,292,706 6,749 1,299,455 1,292,706 6,749 1,299,455 Depreclatlon At beginnlng of the year Depreciation Disposals At end of the year 2,700 675 2,700 675 3,375 3,375 Net book value at beginning of the year Net book value at end of the year 1,292,706 1.292,706 4.049 3,374 1,296,755 1,296,080 13. Investments Llsted Investments Other Investments Total Balance at be8inning of the year Additions during the year Disposals during the year Fair Value 8ain / Ilossl on investments Interest Balance at end of the year 562,011 562,011 138,8301 138,8301 523,181 523,181 Analysls of Investments Church of Ireland Trustees Investments in RB Unit Trusts 516,681 6,500 516,681 6,500 523,181 523,181 15
Parish of Larne & Inver St. Cedma's Church Notes to the financial statement5 for the year ended 31 December 2023 Icontinuedl 14. Debtors 2023 2022 Sundry debtors IS. Financial instruments 2023 2022 Investments Cash and cash equivalent5 Sundry debtors 523,181 84,916 500,299 76,099 608,087 576,398 16
Parlsh of Larne & Inver St. Cedma'5 Church Note5 to the financial statements for the year ended 31 December 2023 (continued) 16. Funds of the Parish Atljan 2023 At 31 Dec 2023 Income Expendlture GalnlLosses Transfers Endowment funds Bequests and legacies 562,011 138.8301 523,181 Restrlcted ftsnds Building Fund Rectors discretionary fund 1,302,928 607 9,075 209 -1.600 -65 -675 2,549 1.312,277 751 1,303,535 9.284 -1,665 -675 2,549 1,313,028 Unrestrlcted funds General Fund 68.719 133.399 -132,201 -2,549 67.368 Total funds 1,934,265 142,683 -133,866 139,5051 1,903.577 Pur oses of Endowment Funds Income from various bequests as set out on page 13, where capital is to be invested and interest only is to be used for charitable purposes. Pur oses of Restricted Funds Building Fund: This is a fund to assist with capital expenditure and major repairs to church property. Rectors discretionary fund.. This is a fund to be used for pastoral care. 17
Parish of Larne & Inver St. Cedma's Church Notes to the financlal statements for the year ended 310ecember 2023 {continued} 17. Collection for Thlrd Parties 2023 2022 Air Ambulance CAP Christmas Appeal IBlack Santa) Tear Fund Food Bank 600 850 1,230 1,140 20 25 105 25 Poppy Appeal 2,415 1,580 The amounts above have been included in expenditure for the year under "Charitable donations" 18