Charity Registration No. 102902 PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2023
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PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW BALANCE SHEET ASAT 31 DECEMBER 2023 2023 2022 Notes Flxed aysets Tangible assets Investment propety Investments 11 12 13 394,628 465,000 949,656 401,287 465,000 886,795 1,809,284 1,753,082 Current assets Debtors Cash at bank and In hand 14 528,271 918,789 545,368 753,062 1.447,060 1,298,430 Creditors.. amounts falling due within one year 16 4,607 1,640 Net current assets 1,442,453 1,296,790 Total assets less Current Ilabilitles 3,251,737 3,049,872 The funds of the Parish Endowment funds Restricted income funds Unrestricted funds - general Unrestricted funds- designated 18 19 503,948 1,369,316 942,216 436,257 465,679 1,342,033 1.037,908 204.252 20 3,251,737 3,049.872 I .1 !¥.An .2029 The financial statements wera approved by the Select Vestry on .. ohn Wi8en8r Trustee A Robinson Trustee 10-
PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charity information Parish of Coleraine is an unincorporated entity governed by a Constitution. 1.1 Accounting convention These accounts have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102"}, "Accounting and Reporting by Charities" the statement of Recommended Practice for charities applying FRS 102, the Charities Act (Northern Ireland) 2008 and UK Generally Accepted Accounting Practice as il applies from 1 January 2015. The Parish is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities {Accounts and Reports) Regulations 2008 only lo the extent required lo provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Slatement of Recommended Practice which is referred lo in the Regulations but which has since been withdrawn. The financial statements are prepared in slerling, which is the functional currency of the Parish. Monetary amounts in these financial statements are rounded to the nearest £. The financial slatemenls have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair valuel. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial stalemenls, the Select Vestry have a reasonable expectation that the Parish has adequate resources to continue in operational existence for the foreseeable future. Thus the Select Vestry continue lo adopt the going Goncern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the Select Vestry in furtherance of their charitable objectives. Designated funds are unrestricted funds set aside for a specific purpose. Restricted funds are subject to specific conditions by donors or gr8ntors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statemenls. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Parish. 1.4 Incoming resources Income is recognised when the Parish is legally enlilled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Parish has been nolified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised al the lime of the donation. Legacies are recognised on receipt or otherwise if the Parish has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a ontingent asset. 11
PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {Continued) 1.5 Resources expended These accounts for the year ended 31 December 2023 for the Parish of Coleraine are prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreGiation and any impairment losses. Depreciation is reGognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Fixtures and fittings 5'/v, asset 150/0 and 200/0 reducing balance depending on the The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and Ihe carrying value of the asset. and is recognised in the statement of financial activities. 1.7 Investment properties Investment property, which is property held to earn rentals andlor for capital appreciation, were acquired many years ago, it is not possible lo obtain an accurale cost. These properties are included in the aGcounls at the estimated market values. The surplus or deficit on revaluation is recognised in Ihe Statement of Financial Activities. 1.8 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaGtion costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred. 1.9 Impairment of fixed assets At each reporting end date, the Parigh reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of Ihe asset is estimated in order to determine the extent of the impairment loss (if any). 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held 8t call with banks, other shorl-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.11 Financial instruments The Parish has elected to apply the provisions of Section 11 'B8sic Financial Instruments. and Section 12 'other Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the Parish's balance sheet when the Parish becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 12-
PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {Continuedl Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried al amorlised cost using Ihe effective interest method unless the arrangement constitutes 8 financing transaction, where the transaction is measured at the present value of the future receipts discounted al a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabillties Basic financial liabilities, including creditors and bank loans are initially recognised at transaGtion price unless the arrangement constitutes a financing trans8Ction, where the debt instrument is measured at the present value of the future payments discounted at a markel rate of inlerest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade Greditors are recognised initially at Iransaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Parish's contractual obligations expire or are discharged or cancelled. 1.12 Employee benefits Termination benefits are recognised immediately as an expense when the Parish is demonstrably Gommitted lo terminate the employment of an employee or to provide termination benefits. 1.13 Retirement benefits Payments to defined contribution retirement benefit schemes are Gharged as an expense as they fall due. Critical accounting estimates and judgements In the application of the Parish's accounting policies, the Select Vestry are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both currenl and future periods. 13-
PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donations and legacies Unrestricted Unrestricted Restricted funds funds funds general designated Total 2023 Total 2022 Donalions and gifts Legacies receivable Grants received other 202,038 96,156 298,194 1,000 2,035 7,235 154,616 1,000 4,070 6,098 1,000 2,035 200 5,297 1,738 207,335 97,894 3,235 308,464 165,784 For the year ended 31 December 2022 7,570 165,784 130,824 27,390 Income from investments Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 17,330 18,968 2,616 16,967 3,195 2,852 16,967 8,231 2,852 Rental income Dividends Interest receivable 17,330 13.280 2,616 5,688 5,036 33,226 5,688 38,914 23,014 5,036 28,050 14-
PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charltable activities Charitable Charitable expenditure expenditure 2023 2022 staff costs Depreciation and impairment Cleaning costs Caretaking & maintenance costs Missions & other groups Repairs & maintenance of buildings Insurance Lighl & heat Diocesan assessment Administration costs Prinling, display & advertising costs Choir & music group Renl & rales Financial charges Education & books General expenses 8,670 6,659 5,460 5,396 27,656 10,410 18,681 16,367 17,515 3,982 2,345 8,989 9,614 502 34 7,734 10,016 7,650 6,280 5,946 27,390 15,186 8,884 15,605 16,987 4,509 1,067 9,141 3,011 513 302 5,696 150,014 138,183 Share of support cosls {see note 61 Share of governance costs (see note 6) 19,671 33,002 19,918 2,400 202,687 160,501 Analysis by fund Unrestricted funds - general Unrestricted funds - designated Restricled funds 164,462 37,680 545 131,586 27,390 1,525 202,687 160,501 For the year ended 31 December 2022 Unrestricted funds - general Unrestricted funds - designated Restricted funds 131,586 27,390 1,525 160,501 15-
PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Governance osts costs 2023 2022 Basis of allocation Staff costs Book-keeping Administration costs Legal and professional 18,520 365 786 18,520 365 786 33,002 17,980 1,229 709 2,400 Governance 33,002 19,671 33,002 52,673 22,318 Analysed between Charitable activities 19,671 33,002 52,673 22,318 Governance costs includes payments to the independent examiner of £1,600 {2022- £1,600) for examination fees. Select Vestry One of the Glebe Wardens provided gardening and building services to the Parish during the year, payments made amounted lo £1,67012022 £2,330). None of the other Select Vestry (or any persons connected with them) received any remuneration or benefits from the Parish during the year. 16-
PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Employees Number of employees The average monthly number employees during the year was.. 1 2023 Number 2022 Number Administration Employment costs 2023 2022 Wages and salaries Social security costs Other pension costs 16,124 2,069 8,997 15,418 1,821 10,757 27,190 27,996 The Rector's salary has been paid by the Diocese since March 2020. The Parish may be required to repay the Diocese for the amounts it has incurred. The Select Vestry estimates that up to 31 December 2023 this could amount to £171,480. As this is a conlingent liability, this potential cost has not been included as an expense, however, funds have been designaled by the Select Vestry should repayment be required. There were no employees whose annual rernuneration was £60,000 or more. Gains and losses on investments Restricted Endowment funds funds 2023 2023 Total Restricted Endowment funds funds 2022 2022 Total 2023 2022 Gainslllosses) arising on.. Revaluation of investments 18,905 38,268 57,173 (25,890) (66,253) {92,143} 10 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 17-
PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Tangible fixed assets Freehold land Flxtures and and buildings fittings Total Cost At 1 January 2023 336.842 128,835 465,677 At 31 December 2023 336,842 128,835 465,677 Depreciation and impairment At 1 January 2023 Depreciation charged in the year 64,390 6,659 64,390 6,659 At 31 December 2023 71,049 71,049 Carrying amount At 31 December 2023 336,842 57,786 394,628 At 31 December 2022 336,842 64,445 401,287 The church buildings, of St Patrick and StAndrew, and the graveyard are deemed to be Heritage assets as defined by the Charities SORP IFRS102). These Heritage assetg are not included in the balance sheet as tangible assets 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. 12 Investment property 2023 Fair value Al 1 January 2023 and 31 December 2023 465,000 Investment properties comprises houses at 27 Willowfièld Drive, 18 Avonbrook Gardens and 49 Avonbrook Gardens. The fair value of the investment propertiès are based on the estimated market value.. £140,000 Restricted asset as vested with RCB £175,000 £150,000 27 Willowfield Drive 18 Avonbrook Gardens 49 Avonbrook Gardens 2023 2022 Freehold Long leasehold Short leasehold 465,000 465,000 18-
PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Fixed asset investments Listed investments Cost or valuation At 1 January 2023 Additions Valuation changes 886,795 5,688 57,173 (See note 9) At 31 December 2023 949,656 Carrying amount At 31 December 2023 949,656 At 31 December 2022 886,795 14 Debtors 2023 2022 Amounts falling due within one year: Trade debtors Olher debtors 9,079 519,192 19,638 525,730 528,271 545,368 15 Loans and overdrafts 2023 2022 22 Credit card 23 Payable within one year 23 22 19-
PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Creditors: amounts falling due wlthin one year 2023 2022 Notes 22 1,618 Credit card other creditors 15 23 4,584 4,607 1,640 17 Retirement benefit schemes Deflned contribution schemes The Parish operates a defined contribution pension scheme for all qualifying employees. The assets of the Scheme are held separately from those of Ihe Parish in an independently adminislered fund. The charge to the Statement of Financial Activity (SOFA} in respect of defined contributlon schemes was £8,997 (2022 - £10,757). 18 Endowment funds Endowment funds represent assets which must be held permanently by the Parish. Income arising on the endowment funds can be used in accordance with the objects of the Parish and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. At 1 January 2023 Gains and losses At31 December 2023 Permanent endowments 465,680 38,268 503,948 Previous year: At 1 January 2022 Gains and losses At31 December 2022 Permanent endowments 531,932 166,253) 465,679 -20-
PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Restricted funds The reslricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 January 2023 Incoming resources Resources expended Gains and losses At31 December 2023 1,342,033 8,923 1545) 18,905 1,369,316 Previous year: At 1 January 2022 Incoming resources Resources expended Gains and losses At31 December 2022 1,356,842 12,606 11,525> 125,890) 1,342,033 20 Unrestricted funds - designatèd These are unrestricted funds which are material to the Parish's activities. At 1 January 2023 Incoming resources Resources expended Transfers At31 December 2023 204,252 97,894 137,680) 171,791 436,257 At31 December 2022 Previous year: At 1 January 2022 Incoming resources Resources expended Transfers 129,765 27,390 127,390) 74,487 204,252 21 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At31 December 2023 At 1 January 2023 Incoming resources Resources expended Transfers General funds 1,037,908 240,561 (164,462) (171,791) 942,216 21
PARISH OF COLERAINE CHURCH OF ST PATRICK & CHURCH OF ST ANDREW NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 21 Unrestricted funds (Continued) Previous year: At 1 January 2022 Incoming resources Resources expended Transfers At31 December 2022 General funds 1,090,143 153,838 1131,586> 174,487) 1,037,908 22 Analysis of net assets between funds General Designated Restricted Endowment Total Fund balances at 31 December 2023 are represented by: Tangible assets Investment properties Investments Current assetsllliabilities) 57,786 325,000 336,842 140,000 445,709 446,765 394,628 465,000 949,656 1,442,453 503,947 559,431 436,257 942,217 436,257 1,369,316 503,947 3,251,737 23 Related party transactlons The Parish and Kingsgale Renewal Limited are under common control, with the majority of the directors of the company also trustees of the charity. Kingsgate Renewal Limited owns the properties, as nominee for the Parish, from 6 to 14 Kingsgate Street. Coleraine, together with the car park behind the properties, which is accessed from Brook Street. The Parish uses the properties from time to time, for which Kingsgate Renewal Limited charges a nominal rent. Loans have been made to Kingsgate Renewal Limited by the Parish, the balance outstanding at the year end is detailed as 'Other debtors, at note 14 of these accounts. 24 Cash generated from operations 2023 2022 Surplusl(deficit) for the year 201,864 158,810) Adjuslments for.. Investment income recognised in profit or loss Fair value gains and losses on investmenls Depreciation and impairment of tangibSe fixed assets 138,914) (57,173) 6,659 128,050) 92,143 7,650 Movements in working capital.. Decreasellincrease) in debtors Increase in creditors 10,559 2,966 13) Cash generated from operations 125,961 12,933 -22-